Multiple Choice
If the value of price elasticity of demand is 0.2,it implies that a 1 percent increase in price leads to a:
A) 2 percent decrease in quantity demanded.
B) 2 percent increase in quantity demanded.
C) 0.2 percent decrease in quantity demanded.
D) 0.2 percent increase in quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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