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) correct? (please choose all the answers that are correct) A. both the slope of the demand curve is equal to the price elasticity of demand B. there is insufficient information to determine either the slope of the supply curve or the price elasticity of demand C. the price elasticity of demand is negative D. both the slope of the demand curve and the price elasticity of demand are equal -1/3 E. the slope of the demand curve is -1/3 F. there is insufficient information to determine the price elasticity of demand.
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) correct? (please choose all the answers that are correct) A. both the slope of the demand curve is equal to the price elasticity of demand B. there is insufficient information to determine either the slope of the supply curve or the price elasticity of demand C. the price elasticity of demand is negative D. both the slope of the demand curve and the price elasticity of demand are equal -1/3 E. the slope of the demand curve is -1/3 F. there is insufficient information to determine the price elasticity of demand.
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) correct?
(please choose all the answers that are correct)
A. |
both the slope of the demand curve is equal to the |
|
B. |
there is insufficient information to determine either the slope of the supply curve or the price elasticity of demand |
|
C. |
the price elasticity of demand is negative |
|
D. |
both the slope of the demand curve and the price elasticity of demand are equal -1/3 |
|
E. |
the slope of the demand curve is -1/3 |
|
F. |
there is insufficient information to determine the price elasticity of demand. |
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