A company currently sells 10,000 bottles of "bright pink" nail varnish every year at $5 per bottle. If the price is reduced to $4.50 per bottle it is expected that the company will sell an extra 2,000 bottles. What is the price elasticity of demand of the nail varnish?
A) -2.0
B) +2.0
C) -0.5
D) +0.5
Correct Answer:
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