Suppose the Quantity Demanded Is 5 Units When the Price

question 522

Multiple Choice

Suppose the quantity demanded is 5 units when the price is $1.00. If the price rises to $2.00, the quantity demanded falls to 3 units. The price elasticity of demand is

• A) 0.5.
• B) 0.75.
• C) 1.33.
• D) 2.00.

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