Multiple Choice
In which of these instances is demand said to be perfectly inelastic?
A) An increase in price of 2% causes a decrease in quantity demanded of 2%.
B) A decrease in price of 2% causes an increase in quantity demanded of 0%.
C) A decrease in price of 2% causes a decrease in total revenue of 0%.
D) An increase in price of 2% causes a decrease in quantity demanded of 1/2%.
Correct Answer:
Verified
Correct Answer:
Verified
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