Multiple Choice
If the price elasticity of demand for a good is 0.2,then a 3 percent decrease in price results in a
A) 0.6 percent increase in the quantity demanded.
B) 1.5 percent increase in the quantity demanded.
C) 2 percent increase in the quantity demanded.
D) 6 percent increase in the quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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