What is the change in quantity demanded

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Suppose you know that the slope of demand for standard oil changes is -1/4. Normally oil changes sell at P=40 and Q=160 are sold. Then a sudden decrease in supply causes a 2.67% increase in the price. What is the change in quantity demanded as a result of the price increase?

A.) Quantity demanded falls by 1%

B.) Quantity demanded falls by 0.25%

C.) Quantity demanded falls by 2.67%

Reference no: EM131856224

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