Multiple Choice
If the absolute value of the price elasticity of demand for cell phone service is 3, then if the price of cell phone service increases by 1 percent, quantity demanded would:
A) increase by 0.33 percent.
B) decrease by 0.33 percent.
C) increase by 3 percent.
D) decrease by 3 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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