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13) If the price elasticity of demand is 0.5, then a 10% increase in price results in a A) 50% reduction in quantity demanded. B) 5% increase in quantity demanded. C) 5% decrease in total revenues. D) 5% decrease in quantity demanded. E) 0.5% decrease in quantity demanded.
13) If the price elasticity of demand is 0.5, then a 10% increase in price results in a A) 50% reduction in quantity demanded. B) 5% increase in quantity demanded. C) 5% decrease in total revenues. D) 5% decrease in quantity demanded. E) 0.5% decrease in quantity demanded.
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