Multiple Choice
If the price elasticity of demand for a good is 0.25, then a 20 percent decrease in price results in a
A) 0.0625 percent increase in the quantity demanded.
B) 4 percent increase in the quantity demanded.
C) 5 percent increase in the quantity demanded.
D) 80 percent increase in the quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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