If an Increase in the Price of a Product from $1

question 144

Multiple Choice

If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then demand is:

• A) elastic.
• B) inelastic.
• C) of unitary elasticity.
• D) 0.
• E) inferior.

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