If a 5% increase in price results in a 15% decrease in quantity demanded ... Group of answer choices The price elasticity of demand is -3.0, indicating that demand for this good is elastic. We can...

If a 5% increase in price results in a 15% decrease in quantity demanded ...

Group of answer choices

The price elasticity of demand is -3.0, indicating that demand for this good is elastic. We can conclude that this good likely has many substitutes.

The price elasticity of demand is -3.0, indicating that demand for this good is inelastic. We can conclude that this good likely has few substitutes.

The price elasticity of demand is -0.33, indicating that demand for this good is elastic. We can conclude that this good likely has many substitutes.

The price elasticity of demand is -0.33, indicating that demand for this good is inelastic. We can conclude that this good likely has few substitutes.

The price elasticity of demand is -45%, indicating that demand for this good is elastic. We can conclude that this good likely has many substitutes.

Jun 08, 2022

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If a 5% increase in price results in a 15% decrease in quantity demanded ... Group of answer choices The price elasticity of demand is -3.0, indicating that demand for this good is elastic. We can...

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