CMA Foundation Paper 4 (FBEM) Practice Questions - CMA Foundation Paper 4 Fundamentals Of Business Economics And Management Exam

If the price of wine rises by 20% and the price elasticity of demand for wine is -0.6, the quantity demanded will:

Fall by 12% Fall by 20% Rise by 12% Fall by 0.6%

Correct Answer:

Fall by 12%

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