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If a Price Increase from $20 to $40 Causes Quantity

Question 95

Multiple Choice

If a price increase from $20 to $40 causes quantity demanded to decrease from 100 units to 50 units,one can conclude that demand for the product is _____.


A) inelastic
B) elastic
C) perfectly inelastic
D) infinitely elastic
E) unit-elastic

Correct Answer:

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