The Own-Price Elasticity of Demand for Apples Is -1

question 120

Multiple Choice

The own-price elasticity of demand for apples is -1.2.If the price of apples falls by 5%, what will happen to the quantity of apples demanded?

• A)It will increase 5%.
• B)It will fall 4.3%.
• C)It will increase 4.2%.
• D)It will increase 6%.

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