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Suppose Demand Is Given by Qd = 1000 - 25P

Question 15

Multiple Choice

Suppose demand is given by Qd = 1000 - 25P and supply is given by Qs = 75P. At the equilibrium price and quantity, the price elasticity of demand is


A) -3
B) -25
C) -1/3
D) -10

Correct Answer:

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