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Quiz
· Elasticity and Its Applications
· 5 of 14
Principles of Microeconomics
Knowledge Check
Question 1 of 5
If the elasticity of demand for college textbooks is -0.1, and the price of textbooks increases by 20%, how much will the quantity demanded change, and in what direction?
a.
The quantity demanded increases by 2%
b.
The quantity demanded decreases by 20%
c.
The quantity demanded decreases by 2%
d.
The quantity demanded remains the same
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