Suppose the price elasticity of demand for basketballs is 1.2.What will result from a 20 percent increase in price
A) a 24 percent decrease in the quantity of basketballs demanded
B) a 20 percent decrease in the quantity of basketballs demanded
C) an 8 percent reduction in the number of basketballs demanded
D) a 12.5 percent reduction in the number of basketballs demanded
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