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Suppose we find that the price elasticity of demand for a product is 3.5 (absolute value) when its price is increased by 2 percent. We

Suppose we find that the price elasticity of demand for a product is 3.5 (absolute value) when its price is increased by 2 percent. We can conclude that quantity demanded ... decreased by 3.5 percent. increased by 7 percent. decreased by 9 percent. decreased by 7 percent. did not change. decreased by 12 percent

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