Multiple Choice
Suppose the own price elasticity of demand for good X is −0.5,and the price of good X increases by 10 percent.We would expect the quantity demanded of good X to:
A) increase by 5 percent.
B) increase by 20 percent.
C) decrease by 5 percent.
D) decrease by 20 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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