The price of a firm's product increases from $5 to $6. As a result, the quantity demanded of the product declines from 600,000 to 500,000. The arc price elasticity of demand for the good is equal to
A) -5.
B) -3.
C) -1.
D) 0.1.

Name: The price of a firm's product increases from $5 to $6. As a result, the quantity demanded of the product declines from 600,000 to 500,000. The arc price elasticity of demand for the good is equal to A) -5. B) -3. C) -1. D) 0.1.
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Question

Quizplus · Accepted Answer

The Answer is C

The Price of a Firm's Product Increases from $5 to $6