If an Increase in the Price of a Product from $1

question 160

Multiple Choice

If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then the value of price elasticity of demand is

• A)elastic
• B)inelastic
• C)unit elastic
• D)suggestive of an inferior good
• E)equal to -20

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