The price elasticity of demand for health care is 0.2.This means that a 5 percent increase in price will induce a
A) 10 percent decrease in quantity demanded.
B) 5 percent decrease in quantity demanded.
C) 2.5 percent decrease in quantity demanded.
D) 1 percent decrease in quantity demandeD.Topic: Why the Rapid Rise in Costs?
Correct Answer:
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