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it's a MCQ Suppose that the value of the price elasticity of demand for a product is 2 1 and its price increases by 16%.

it's a MCQ

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Suppose that the value of the price elasticity of demand for a product is 2 1 and its price increases by 16%. What will happen to the quantity demanded? * It will decrease by 32%. O It cannot be determined without further information. O It will increase by 32%. O It will increase by 8%. O It will decrease by 8%

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