The Price of Product X Is Reduced from $45 to $20

question 163

Multiple Choice

The price of product X is reduced from $45 to $20 and, as a result, the quantity demanded increases from 20 to 25 units.From this we can conclude that the demand for X in this price range:

• A)has declined
• B)is of unit elasticity
• C)is inelastic
• D)is elastic

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Definitions:

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