If the price elasticity of demand for a product is |-2|, this implies that Group of answer choices if the price increases by 2 percent, the quantity demanded will decrease by 1 percent. the change in quantity demanded divided by the change in price is equal to 2. if the price increases by $1, the quantity demanded will decrease by 2 units. if the price increases by 1 percent, the quantity demanded will decrease by 2 percent. if the price increases 1 unit, the quantity demanded will decrease by 2 units.
+1
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If the price elasticity of demand for a product is |-2|, this implies that Group of answer choices if the price increases by 2 percent, the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Home » Business » If the price elasticity of demand for a product is |-2|, this implies that Group of answer choices if the price increases by 2 percent, the quantity demanded will decrease by 1 percent.