18) If the price elasticity of demand is 0.6, then a 10 percent increase in the price of the good will lead to a in the quantity demanded. A) 0.6 percent decrease C) 6 percent decrease B) 0.6 percent increase D) 6 percent increase 19) For product XYZ, the price elasticity of demand has an absolute value of 3.5. This means that quantity demanded will increase by A) 3.5 percent for cach I percent decrease in price, ceteris paribus. B) 3.5 units for each $1 decrease in price, ceteris paribus. C) I percent for each 3.5 percent decrease in price, ceteris paribus. narihus

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