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Suppose That Quantity Demand Falls by 30% as a Result

Question 192

Multiple Choice

Suppose that quantity demand falls by 30% as a result of a 5% increase in price.The price elasticity of demand for this good is

A) inelastic and equal to 6.
B) elastic and equal to 6.
C) inelastic and equal to 0.17.
D) elastic and equal to 0.17.

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