Multiple Choice
If a 1 percent decrease in the price of steak results in a 2 percent increase in the quantity demanded for steak,then the price elasticity of the demand for steak is
A) 2 cents.
B) 2 pounds of steak.
C) 2 percent.
D) $2.
E) 2.
Correct Answer:
Verified
Correct Answer:
Verified
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