Multiple Choice
If demand is unit elastic, then
A) a ten percent increase in price leads to a one percent decrease in quantity demanded.
B) the percentage change in quantity demanded equals the percentage change in price.
C) a two percent increase in price leads to a two percent decrease in quantity demanded.
D) an increase in price of any amount leads to quantity demanded falling to zero.
Correct Answer:
Verified
Correct Answer:
Verified
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