Suppose the Value of the Price Elasticity of Demand Is

question 99

Multiple Choice

Suppose the value of the price elasticity of demand is −3.This means that________.

• A) a 1 per cent increase in the price of the good causes quantity demanded to increase by 3 per cent.
• B) a 1 per cent increase in the price of the good causes quantity demanded to decrease by 3 per cent.
• C) a 3 per cent increase in the price of the good causes quantity demanded to decrease by 1 per cent.
• D) a $1 increase in price causes quantity demanded to fall by 3 units.

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