Multiple Choice
The own price elasticity of demand for apples is −1.2.If the price of apples falls by 5 percent,what will happen to the quantity of apples demanded?
A) It will increase 5 percent.
B) It will fall 4.3 percent.
C) It will increase 4.2 percent.
D) It will increase 6 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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