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