question archive As the price of video games is raised from $20 to $25, their quantity demanded fell from 1
As the price of video games is raised from $20 to $25, their quantity demanded fell from 1
Subject:EconomicsPrice:2.88 Bought3
As the price of video games is raised from $20 to $25, their quantity demanded fell from 1.25 million copies to 1 million copies. The price elasticity of demand for video games is:
a. Elastic,
b. Unit elastic,
c. Inelastic,
d. Perfectly elastic,
e. Perfectly inelastic.
Option 1
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