Suppose 50 Loaves of Bread Are Demanded at a Particular

question 39

Multiple Choice

Suppose 50 loaves of bread are demanded at a particular price. If that price rises by 4 percent, the quantity demanded of bread decreases to 45 loaves, which means

• A) demand is elastic.
• B) demand is unit elastic.
• C) the price elasticity of demand is equal to 0.8.
• D) demand is inelastic.
• E) consumers are very unresponsive to a price change.

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