Assume the demand for electricity, a necessity with few substitutes, is ?0.2. If the electric company raised its rates by 10 percent, we would expect a
A. 2 percent decrease in quantity demanded.
B. 5 percent decrease in quantity demanded.
C. 10 percent increase in quantity demanded.
D. 10 percent decrease in quantity demanded.
E. 2 percent increase in quantity demanded.
Answer: A
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