Multiple Choice
If the price elasticity of demand for chicken is 2, then a 20 percent decrease in the price of chicken will lead to a:
A) 10 percent decrease in the quantity demanded of chicken.
B) 10 percent increase in the quantity demanded of chicken.
C) 40 percent decrease in the quantity demanded of chicken.
D) 40 percent increase in the quantity demanded of chicken.
Correct Answer:
Verified
Correct Answer:
Verified
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