question archive A price elasticity of demand equal to 0

A price elasticity of demand equal to 0

Subject:EconomicsPrice:2.88 Bought3

A price elasticity of demand equal to 0.7 would indicate that:

a. a 7 percent increase in price leads to a 10 percent decrease in quantity demanded

b. a 1 percent increase in price leads to a 7 percent decrease in quantity demanded

c. a 0.7 percent decrease in price leads to a 1 percent increase in quantity demanded

d. a 10 percent decrease in price leads to a 7 percent increase in quantity demanded

Option 1

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