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If the elasticity of demand for the latest American Idol album is 1.4, this means

If the elasticity of demand for the latest American Idol album is 1.4, this means
A.a 5% increase in the price leads to a 7% decrease in quantity demanded.
B.a 10% decrease in the price leads to a 140% increase in quantity demanded.
C.a 1% increase in the price leads to a 14% decrease in quantity demanded.
D.few substitutes for the American Idol album exist.
正确答案：a 5% increase in the price leads to a 7% decrease in quantity demanded.

标签：微观经济学中国大学MOOC微观经济学

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