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Taylor Griffith
on Nov 30, 2024

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If price rises from $2 to $3 and the quantity demanded falls from 100 to 99,demand would be

A) 0.03
B) 0.67
C) 1.23
D) 5.81

Quantity Demanded

The overall volume of a good or service that buyers are prepared and able to acquire at a designated price level.

Price Rises

Occurs when the cost of goods or services increases over a period of time, often due to factors like inflation, demand, or production costs.

Demand

The desire for a particular product or service coupled with the ability and willingness to pay for it.

  • Understand the concept of price elasticity of demand and how it is calculated.
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JE
Joyce EtukeDec 03, 2024
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