Multiple Choice
If the elasticity of demand is 3,and the price rises by 15 percent,then
A) The quantity demanded will increase by 5 percent.
B) The quantity demanded will fall by 45 percent.
C) The quantity demanded will rise by 4.5 percent.
D) The percentage change in quantity demanded will fall as income rises.
Correct Answer:
Verified
Correct Answer:
Verified
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