If the price elasticity of demand for a product is 1 in absolute value, and the price elasticity of supply of the same product is 1, what is the predicted percent change in price from a 1 percent increase in demand?
A) a rise in price of 0.5 percent B) a rise in price of 2 percent C) a fall in price of 0.5 percent D) a fall in price of 2 percent.