What would be the solution for this one?

Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 2SQ
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What would be the solution for this one?

The price of product X is reduced from $90 to $80 and, as a result, the quantity demanded increases from 100 to 120 units. Therefore, demand for X in this price range
Multiple Choice
has declined.
is of unit elasticity.
is inelastic.
is elastic.
Transcribed Image Text:The price of product X is reduced from $90 to $80 and, as a result, the quantity demanded increases from 100 to 120 units. Therefore, demand for X in this price range Multiple Choice has declined. is of unit elasticity. is inelastic. is elastic.
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