22. If the value of the price clasticity of demand is -0.2, this means that a: a. 20 percent decrease in price causes a I percent increase in quantity demanded b 0.2 percent decrease in price causes a 1 percent increase in quantity demanded c. 5 percent decrease in price causes a 1 percent increase in quantity demanded 0.2 percent decrease in price causes a 0.2 percent increase in quantity demanded

22. If the value of the price clasticity of demand is -0.2, this means that a: a. 20 percent decrease in price causes a I percent increase in quantity demanded b 0.2 percent decrease in price causes a 1 percent increase in quantity demanded c. 5 percent decrease in price causes a 1 percent increase in quantity demanded 0.2 percent decrease in price causes a 0.2 percent increase in quantity demanded

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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