Multiple Choice
Suppose that in a month the price of a cup of coffee increases from $1 to $1.50. At the same time, the quantity of cups of coffee demanded decreases from 200 to 190. The price elasticity of demand for cups of coffee (calculated using the midpoint formula) is
A) zero.
B) inelastic.
C) unit elastic.
D) elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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