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Q. |
If the price elasticity of demand for wine is estimated to be -.6, then a 20% increase in price of wine will lead to ………………….in quantity demanded of wine at that price |
A. | 12% increase |
B. | 12% decrease |
C. | 19.6% increase |
D. | 20.6% decrease |
Answer» B. 12% decrease |
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Fundamentals of Economics and ManagementNo comments yet