When a Product's Price Increases from $800 to $1,200, the Quantity

question 35

Multiple Choice

When a product's price increases from $800 to $1,200, the quantity demanded decreases from 11,000 to 9,000. Based on this information, the price elasticity of demand (in absolute terms) is estimated to be equal to:

• A)​0.5.
• B)​2.0.
• C)​0.25.
• D)​4.0.

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