Multiple Choice
The price elasticity of demand for an agricultural product is 0.4.This value means that,when the quantity decreases 1 percent,the price
A) falls 4 percent.
B) rises 4 percent.
C) falls 2.5 percent.
D) rises 2.5 percent.
E) rises 0.25 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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