Question 8 of 20

5.0/ 5.0 Points
Suppose that the percentage change in demand is 20%, the price elasticity of supply is 2, and the percentage change in the equilibrium price is 4%. What is the price elasticity of demand?

A. 0

B. 1

C. 2

D. 3

Ask a New Question or answer this question.

Similar Questions

Question 7 of 205.0 Points Suppose that the elasticity of demand for a product is 0.5 and quantity demanded increases by 20%.
1. 0 answers
What does unitary elastic demand mean?The demand is inelastic at a low price but becomes elastic as the price rises. The
1. 1 answer
A small percentage of increase in consumer demand can cause ____ in business demand.A. Increase B. Decrease*** C. No change D.
1. 3 answers
The beer market in Tanzania is currently at equilibrium selling 10 million bottles per week of Tshs 80 per bottle. It has been
1. 1 answer