Multiple Choice
If the demand for product X is inelastic,a 4 percent increase in the price of X:
A) decreases the quantity demanded of X by more than 4 percent
B) decreases the quantity demanded of X by less than 4 percent
C) increases the quantity demanded of X by more than 4 percent
D) increases the quantity demanded of X by less than 4 percent
E) does not affect the quantity demanded of X
Correct Answer:
Verified
Correct Answer:
Verified
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