If the price elasticity of demand for a product is |-2|, this implies that Group of answer choices if the price increases by 2 percent, the quantity demanded will decrease by 1 percent. the change in quantity demanded divided by the change in price is equal to 2. if the price increases by $1, the quantity demanded will decrease by 2 units. if the price increases by 1 percent, the quantity demanded will decrease by 2 percent. if the price increases 1 unit, the quantity demanded will decrease by 2 units.
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