If demand price elasticity measures 2, this implies that consumers would
a. require at least a $2 increase in price before showing any response to the price increase.
b. buy twice as much of the product if the price drops 1 percent.
c. buy 2 percent more of the product in response to a 1 percent drop in price.
d. require a 2 percent drop in price to increase their purchases by 1 percent.
e. buy twice as much of the product if the price drops 10 percent.
This question was answered on: May 23, 2022
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