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Suppose the value of the price elasticity of demand is -3. What does this mean? Select one: a. A $1 increase in price causes quantity demanded to fall by 3 units. O b. A 1 percent increase in the price of the good causes quantity demanded to increase by 3 percent. C. A 3 percent increase in the price of the good causes quantity demanded to decrease by 1 percent. O d. A 1 percent increase in the price of the good causes quantity demanded to decrease by 3 percent