Multiple Choice
When a product's price increases from $9 to $11, the quantity demanded decreases from 1200 to 800. Based on this information, the price elasticity of demand (in absolute terms) is estimated to be equal to:
A) 0.5.
B) 2.0.
C) 0.25.
D) 4.0.
Correct Answer:
Verified
Correct Answer:
Verified
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