Multiple Choice
Suppose the price of local cable TV service increased from $16.20 to $19.80 and as a result the number of cable subscribers decreased from 224,000 to 176,000. Along this portion of the demand curve, price elasticity of demand is
A) 0.8.
B) 1.2.
C) 1.6.
D) 8.0.
Correct Answer:
Verified
Correct Answer:
Verified
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