Let Ed_t = -0

question 33

Multiple Choice

Let Ed_t = -0.5.This implies that the demand for t is

• A)elastic,because if P_t increases by 1 percent,Qd_t will decrease by 0.5 percent.
• B)elastic,because if P_t decreases by 1 percent,Qd_t will decrease by 0.5 percent.
• C)inelastic,because if P_t decreases by $1,Qd_t will increase by 0.5 units.
• D)inelastic,because if P_t decreases by 1 percent,Qd_t will increase by 0.5 percent.

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