A Shift of the Supply Curve of DVDs Raises the Price

question 182

Multiple Choice

A shift of the supply curve of DVDs raises the price of a DVD from $9.50 to $10.50 a DVD and reduces the quantity demanded from 41 million to 39 million DVDs a month. The price elasticity of demand for DVDs is

• A) 2 million DVDs a month per dollar.
• B) $1 per 2 million barrels a day.
• C) 0.5.
• D) 2.0.

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