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18 Aug 2020
If the price elasticity of demand for a product is -2, this implies that:
Ā
A. if the price increases by 2 percent, the quantity demanded will decrease by 1 percent.
B. if the price increases by $1, the quantity demanded will decrease by 2 units.
C. the change in quantity demanded divided by the change in price is equal to 2.
D. if the price increases by 1 percent, the quantity demanded will decrease by 2 percent.
E. if the price increases 1 unit, the quantity demanded will decrease by 2 units.
If the price elasticity of demand for a product is -2, this implies that:
Ā
A. if the price increases by 2 percent, the quantity demanded will decrease by 1 percent.
B. if the price increases by $1, the quantity demanded will decrease by 2 units.
C. the change in quantity demanded divided by the change in price is equal to 2.
D. if the price increases by 1 percent, the quantity demanded will decrease by 2 percent.
E. if the price increases 1 unit, the quantity demanded will decrease by 2 units.
Joshua StredderLv10
1 Oct 2020
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