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A price elasticity of demand equal to 0
A price elasticity of demand equal to 0.7 would indicate that:
a. a 7 percent increase in price leads to a 10 percent decrease in quantity demanded
b. a 1 percent increase in price leads to a 7 percent decrease in quantity demanded
c. a 0.7 percent decrease in price leads to a 1 percent increase in quantity demanded
d. a 10 percent decrease in price leads to a 7 percent increase in quantity demanded
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