When Quantity Is Measured in Gallons, the Price Elasticity of Demand

question 199

Multiple Choice

When quantity is measured in gallons, the price elasticity of demand for milk will be __________ the price elasticity when quantity is measured in quarts.

• A)the same as
• B)four times
• C)one quarter
• D)two times
• E)less than

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Definitions:

Technologies

The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machinery, and devices.

Suppliers

Entities that provide goods or services to another entity, typically within a supply chain context.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level at a given period.

Demand Curve

Graph of the amount of a product that buyers will purchase at different prices.