271. CSO: 2C3b LOS: 2C3m If a product’s price elasticity of demand is greater than one, then a 1% price increase will cause the quantity demanded to a. increase by more than 1%. b. increase by less than 1%. c. decrease by less than 1%. d. decrease by more than 1%.

2C3M IF A PRODUCT’S PRICE ELASTICITY OF DEMAND IS GREATER THAN ONE, T...

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271.

CSO: 2C3b

LOS: 2C3m

If a product’s price elasticity of demand is greater than one, then a 1% price increase will

cause the quantity demanded to

increase by more than 1%.

increase by less than 1%.

decrease by less than 1%.

decrease by more than 1%.