Multiple Choice
If the absolute price elasticity of demand for good X is 0.5, when there is a 10 percent increase in price, we can conclude that quantity demanded
A) has fallen by 50 percent.
B) has fallen by 20 percent.
C) has fallen by 10 percent.
D) has fallen by 5 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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