Suppose that when the price of milk rises 10%, the quantity demanded of milk falls 2%. Based on this information, what is the approximate absolute price elasticity of demand for milk?
A) 5.0
B) 0.2
C) 0.5
D) 2.0
B
Economics
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What will be an ideal response?
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If a good has an absolute price elasticity of 1, the demand for the good is
A) unit elastic. B) inelastic. C) perfectly elastic. D) elastic.
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Which nation pioneered Atlantic exploration?
a. England b. Italy c. Portugal d. Spain
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In a monopoly,
A) marginal revenue is greater than price. B) marginal revenue is less than price. C) the demand curve is horizontal. D) marginal revenue and price are equal
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