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26 (1 point) Suppose a 10 percent increase in the quantity of lettuce demanded is observed as a result of a 40 percent decline in
26 (1 point) Suppose a 10 percent increase in the quantity of lettuce demanded is observed as a result of a 40 percent decline in its price. Then the price elasticity of demand for lettuce is: inelastic and equal to 0.25. inelastic and equal to 4. elastic and equal to 0.25. O elastic and equal to 4. unitary elastic and equal to 1
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Macroeconomics
Authors: Charles I. Jones
3rd edition
978-0393123944, 393123944, 393923908, 978-0393923902
