Multiple Choice
Suppose that 50 candy bars are demanded at a particular price. Using the midpoint method, if the price of candy bars rises by four per cent, the number of candy bars demanded falls to 46 candy bars. This means that the:
A) demand for candy bars in this price range is elastic
B) demand for candy bars in this price range is inelastic
C) price elasticity of demand for candy bars is zero
D) demand for candy bars is unit elastic
Correct Answer:
Verified
Correct Answer:
Verified
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