The diagram shows the demand curve for rice. What is the price elasticity of demand (PED) for rice as price increases from $$\(\$ 1.0\)$$ to $$\(\$ 1.5\)$$ per kilo?
A.
0
B.
1
C.
less than 1
D.
greater than 1
Exam No：0455_w21_qp_13 Year：2021 Question No：8
Answer:
C
Knowledge points:
2.7.2 Calculation of PED using the formula and interpreting the significance of the result.
Solution:
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