Suppose the Price of Crude Oil Drops from $150 a Barrel

question 17

Multiple Choice

Suppose the price of crude oil drops from $150 a barrel to $120 a barrel.The quantity bought remains unchanged at 100 barrels.The coefficient of price elasticity of demand in this example would be

• A)-0.5.
• B)infinity.
• C)-1.0.
• D)0)

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