Multiple Choice
The price of apples increases from $1 to $1.10. At the same time, the quantity of apples demanded decreases from 100 to 90. The price elasticity of demand for apples (calculated using the initial value formula) is
A) 0.02.
B) 0.9.
C) 1.
D) 1.1.
Correct Answer:
Verified
Correct Answer:
Verified
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