A $2.00 increase in the price of a restaurant meal results in a drop in quantity demanded of 6 meals. Which of the following statements is (are) INCORRECT?(Multiple choices) A. there is insufficient information to determine either the slope of the demand curve or the price elasticity of demand B. there is insufficient information to determine the price elasticity of demand. C. the slope of the demand curve is -1/3 D. both the slope of the demand curve and the price elasticity of demand are equal 3 E. both the slope of the demand curve and the price elasticity of demand are equal -1/3 F. the price elasticity of demand is 3
A $2.00 increase in the price of a restaurant meal results in a drop in quantity demanded of 6 meals. Which of the following statements is (are) INCORRECT?(Multiple choices) A. there is insufficient information to determine either the slope of the demand curve or the price elasticity of demand B. there is insufficient information to determine the price elasticity of demand. C. the slope of the demand curve is -1/3 D. both the slope of the demand curve and the price elasticity of demand are equal 3 E. both the slope of the demand curve and the price elasticity of demand are equal -1/3 F. the price elasticity of demand is 3
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 4.9P: (Other Elasticity Measures) Complete each of the following sentences: a. The income elasticity of...
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Question
A $2.00 increase in the price of a restaurant meal results in a drop in quantity demanded of 6 meals. Which of the following statements is (are) INCORRECT?(Multiple choices)
A. |
there is insufficient information to determine either the slope of the demand curve or the |
|
B. |
there is insufficient information to determine the price elasticity of demand. |
|
C. |
the slope of the demand curve is -1/3 |
|
D. |
both the slope of the demand curve and the price elasticity of demand are equal 3 |
|
E. |
both the slope of the demand curve and the price elasticity of demand are equal -1/3 |
|
F. |
the price elasticity of demand is 3 |
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