The price of an item drops 10% in such a way that the Price Elasticity of Demand of that item is unit-elastic. We would expect the quantity of the item demanded to

Exam Question

The price of an item drops 10% in such a way that the Price Elasticity of Demand of that item is unit-elastic. We would expect the quantity of the item demanded to

• 1. drop by 5%
• 2. stay the same
• 3. increase by 5%
• 4. increase by 10%

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