Suppose That in a Month the Price of Movie Rentals

question 145

Multiple Choice

Suppose that in a month the price of movie rentals decreases from $3.25 to $3. At the same time, the quantity of movie rentals demanded increases from 100 to 120. The price elasticity of demand for movie rentals calculated using the midpoint formula) is:

• A)zero.
• B)inelastic.
• C)unitary elastic.
• D)elastic.

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