Multiple Choice
If the elasticity of demand for good ALPHA is 2.0,
A) A 10% fall in the price of ALPHA will raise quantity demanded by 2%.
B) A price increase will raise total revenue for sellers.
C) A 17% increase in the price of ALPHA will lower quantity demanded by 17%.
D) A 10% rise in the price of ALPHA will lower quantity demanded by 20%.
Correct Answer:
Verified
Correct Answer:
Verified
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