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If the price elasticity of demand for a good is 2, a 1 percent increase in price results in: A 2 percent decrease in the

If the price elasticity of demand for a good is 2, a 1 percent increase in price results in:

  1. A 2 percent decrease in the quantity demanded.
  2. A 2 percent increase in the quantity demanded.
  3. A 0.5 percent decrease in the quantity demanded.
  4. A 0.5 percent increase in the quantity demanded.

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