If a nonbinding price floor is imposed on a market, then the
a. quantity sold in the market will decrease.
b. quantity sold in the market will stay the same.
c. price in the market will increase.
d. price in the market will decrease.
b
Economics
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Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670Using the regular percentage change formula, what is the price elasticity of demand when price decreases from $9 to $7?
A. -1.5 B. -1 C. -1.75 D. -2.25
Economics