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1. Suppose a special discount makes the price of Nike air max shoes 10% lower. As result, there is a 20% increase in the quantity
1. Suppose a special discount makes the price of Nike air max shoes 10% lower. As result, there is a 20% increase in the quantity demanded for the shoes, which statement is correct ____?
A. The sneakers are price elastic, and the price elasticity = 0.5.
B. The sneakers are price elastic, and the price elasticity = 2.0.
C. The sneakers are price inelastic, and the price elasticity = 0.5.
D. The sneakers are price inelastic, and the price elasticity = 2.0.
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