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price elasticity of demand is 5.0 if a 10 percent increase in the price results in a ________ decrease in the quantity demanded. A) 10 percent B) 50 percent C) 2 percent D) 5 perce

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 4.7P: (Cross-Price Elasticity) Rank the following in order of increasing (from negative to positive)...

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16)The price elasticity of demand is 5.0 if a 10 percent increase in the price results in a ________ decrease in the quantity demanded.

A) 10 percent
B) 50 percent
C) 2 percent
D) 5 percent

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