Multiple Choice
Suppose a $1 change in the price of a good results in the quantity demanded changing by .2 percent.Then you know
A) the price elasticity of demand is 1/5.
B) nothing about slope or price elasticity of demand based on this information.
C) the price elasticity of demand is 5.
D) the slope of the demand curve is 5.
E) the slope of the demand curve is 1/5.
Correct Answer:
Verified
Correct Answer:
Verified
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