If the price elasticity of demand is 2, this means that a ________ increase in price causes a ________ decrease in quantity demanded.
A) 15%; 100%
B) 15%; 10%
C) 20%; 40%
D) 30%; 20%
Correct Answer:
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Q1: The quantity of TVs sold is 100
Q3: Q4: The quantity of pencils sold is 1000 Q5: The price of apples increases from $1 Q6: The ratio of the percentage change in Q7: If the price elasticity of demand is Q8: A good synonym for elasticity would be Q9: Suppose that in a month the price Q10: The midpoint formula for elasticity of demand Q11: Suppose that in a month the price
A)
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