Multiple Choice
The less important the good is in everyday consumption and the less the percentage of a budget that is spent on the good:
A) the greater will be the price elasticity of the good.
B) the greater will be the effect of the price increase on the decrease in the demand.
C) the smaller will be the price elasticity of the good.
D) the smaller will be the effect of the price increase on the increase in the demand.
Correct Answer:
Verified
Correct Answer:
Verified
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