Recall the Application about how changes in demand affect the price of milk to answer the following question(s).
-According to the Application, the price elasticity of demand for milk is -0.20 and the short-run price elasticity of supply for milk is 0.10. If the demand for milk decreases by 6 percent, the equilibrium price of milk will _______ in the short run.
A)increase by 6 percent
B)decrease by 20 percent
C)increase by 18 percent
D)decrease by 12 percent

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The Answer of Recall the Application about how changes in demand affect the price of milk to answer the following question(s).
-According to the Application, the price elasticity of demand for milk is -0.20 and the short-run price elasticity of supply for milk is 0.10. If the demand for milk decreases by 6 percent, the equilibrium price of milk will _______ in the short run.
A)increase by 6 percent
B)decrease by 20 percent
C)increase by 18 percent
D)decrease by 12 percent

Recall the Application About How Changes in Demand Affect the Price