The Price of Product X Is Reduced from $50 to $45

question 24

Multiple Choice

The price of product X is reduced from $50 to $45 and, as a result, the quantity demanded increases from 120 to 140 units. Therefore, 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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