If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units. What can be concluded about price elasticity of demand for the product? It is elastic. It is equal to -20. It is inelastic. It is unit elastic. А. В. С. D.
If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units. What can be concluded about price elasticity of demand for the product? It is elastic. It is equal to -20. It is inelastic. It is unit elastic. А. В. С. D.
Chapter1: Making Economics Decisions
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Transcribed Image Text:15. If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity
demanded from 100 to 80 units. What can be concluded about price elasticity of demand for the
product?
It is elastic.
It is equal to -20.
It is inelastic.
It is unit elastic.
А.
В.
С.
D.
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