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If the price elasticity of demand for a given product is 7, this means that

brettlaw

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If the price elasticity of demand for a given product is 7, this means that

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the percentage change in quantity demanded is 7 times the percentage change in price.

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if quantity demanded fell by 1 percent, price would fall by 7 percent.

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if price was raised 7 percent, quantity demanded would fall by 7 percent.

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if price was raised 7 percent, quantity demanded would rise 7 percent.

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none of the above

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Economics

Edition: 12^th

Author: Arnold

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bijin05

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This helped my grade so much Perfect

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Just got PERFECT on my quiz

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this is exactly what I needed

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