Multiple Choice Economics
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Consider the following linear demand function where QD = quantity demanded, P = selling price, and Y = disposable income:
Q = -36 -2.1P + .24Y
a for a one percent increase in price, quantity demanded would decline by 2.1 percent
b for a one unit increase in price, quantity demanded would decline by 2.1 units
c for a one percent increase in price, quantity demanded would decline by 2.1 units
d for a one unit increase in price, quantity demanded would decline by 2.1 percent
e none of the above
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