If the price elasticity of demand for a given product is 0.7, this means that
a.
the percentage change in quantity demanded is 0.7 times the percentage change in price.
b.
if price was raised 7 percent, quantity demanded would fall by 0.7 percent.
c.
if quantity demanded fell by 1 percent, price would fall by 7 percent.
d.
if price was raised 7 percent, quantity demanded would rise 0.7 percent.