If the price elasticity of demand for a product is equal

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Reference no: EM13896893

If the price elasticity of demand for a product is equal to 4, a 1 percent increase in price of the product will cause the quantity demanded to _____ by _____ percent.

a. decrease; 25

b. increase; 4

c. decrease; 0.25

d. decrease; 4

e. increase; 0.25

Reference no: EM13896893

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