If price elasticity of demand is -0.5,
a. a 1% decrease in quantity demanded leads to a 0.5% decrease in price
b. a 1% decrease in price leads to a 0.5% increase in quantity demanded
c. a 50% decrease in price leads to a 1% increase in quantity demanded
d. a 50% decrease in price leads to a 100% increase in quantity demanded
e. demand is elastic
B
Economics
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