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Market Demand Is Given as QD = 40 - 2P

Question 292

Multiple Choice

Market demand is given as QD = 40 - 2P.Market supply is given as QS = 2P.If price increases from $14 to $18,what is the price elasticity of demand?


A) 0.7
B) 1.0
C) 1.9
D) 4

Correct Answer:

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