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

Similar Questions
  1. 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. answers icon 0 answers
  2. What does unitary elastic demand mean?The demand is inelastic at a low price but becomes elastic as the price rises. The
    1. answers icon 1 answer
    1. answers icon 3 answers
    1. answers icon 1 answer
more similar questions