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If the Percentage Increase in Price Is 15 Percent and the Value

Question 1

Multiple Choice
If the percentage increase in price is 15 percent and the value of the price elasticity of demand is -3, then quantity demanded A)will increase by 45 percent. B)will increase by 5 percent. C)will decrease by 45 percent. D)will decrease by 5 percent.

If the percentage increase in price is 15 percent and the value of the price elasticity of demand is -3, then quantity demanded


A) will increase by 45 percent.
B) will increase by 5 percent.
C) will decrease by 45 percent.
D) will decrease by 5 percent.

Correct Answer:

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