Consider the market demand for a given good

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Reference no: EM131007822

Consider the market demand for a given good. If ED= -2.5 at the current market price, then a 1 percent decrease in price will result in a:

a) 0.25 percent increase in quantity demanded

b) 0.5 percent increase in quantity demanded

c) 2.5 percent increase in quantity demanded

d) 5 percent increase in quantity demanded

e) 25 percent increase in quantity demanded

Reference no: EM131007822

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