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a-manufacturer-faces-price-elasticity-of-demand-of-a2-for-its-product-if-it-lowers-its-price-by-5-the-increase-in-quantity-sold-will-be

Question

A manufacturer faces price elasticity of demand of a -2 for its product. If it lowers its price by 5%, the increase in quantity sold will be

A 3%

B 10%

C 2.50%

D 7%

Answer & Explanation
Answer: Option [B]

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