Suppose the Price Elasticity of Demand for Beef Is About

question 7

Multiple Choice

Suppose the price elasticity of demand for beef is about 0.6. Other things equal, this means that a 20 percent increase in the price of beef will cause the quantity of beef demanded to

• A)increase by approximately 12 percent.
• B)decrease by approximately 12 percent.
• C)decrease by approximately 32 percent.
• D)decrease by approximately 26 percent.

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