The Price Elasticity of Demand for Furniture Is Estimated at 1.3

question 18

Multiple Choice

The price elasticity of demand for furniture is estimated at 1.3. This value means a one percent increase in the

• A) price of furniture will increase the quantity of furniture demanded by 1.3 percent.
• B) price of furniture will decrease the quantity of furniture demanded by 1.3 percent.
• C) quantity of furniture demanded will decrease the price of furniture by 1.3 percent.
• D) quantity of furniture demanded will increase the price of furniture by 1.3 percent.

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