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Suppose there was a 4% decrease in the price of a good and as a result, the quantity demanded increased by 2%. What will be the price elasticity of demand?a)(–) 1.5b)(–) 0.5c)(–) 2d)(–) 4Correct answer is option 'B'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Suppose there was a 4% decrease in the price of a good and as a result, the quantity demanded increased by 2%. What will be the price elasticity of demand?a)(–) 1.5b)(–) 0.5c)(–) 2d)(–) 4Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Suppose there was a 4% decrease in the price of a good and as a result, the quantity demanded increased by 2%. What will be the price elasticity of demand?a)(–) 1.5b)(–) 0.5c)(–) 2d)(–) 4Correct answer is option 'B'. Can you explain this answer?.

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