When the price of a car is $25,000,car sales are 10,000 per month.When the price of a car increases to $29,000,car sales fall to 8,000 per month.Therefore,using initial value,a 1% increase in the price of the car will result in a ________ in the quantity demanded of cars.
A) 1.67% decrease
B) 1.25% decrease
C) 0.8% decrease
D) 0.8% increase
Correct Answer:
Verified
Q1: Q2: The concept of elasticity applies to Q3: If the demand for pineapples is unit Q4: Clear Window Manufacturer wants to increase the Q6: The more substitutes there are for a Q7: When the price of milk increases 6%,quantity Q8: An Internet company wants to increase the Q9: When the price of a car is Q10: First Choice Cracker company needs to increase Q11:
A) supply
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