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Multiple Choice Questions (50 points. Each part of this question has 2 points. 1. If the price of oil decreases by 20% and the price

Multiple Choice Questions (50 points. Each part of this question has 2 points. 1. If the price of oil decreases by 20% and the price elasticity of demand is -0.5, what is the change in demand for oil? A) increases by 40% B) decreases by 40% C) increases by 10% D) decreases by 10%

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