A Price Elasticity (E_D)of - 1

question 25

Multiple Choice

A price elasticity (E_D) of - 1.50 indicates that for a ____ increase in price,quantity demanded will ____ by ____.

• A)one percent;increase;1.50 units
• B)one unit;increase;1.50 units
• C)one percent;decrease;1.50 percent
• D)one unit;decrease;1.50 percent
• E)ten percent;increase;fifteen percent

Recognize situations where a preexisting duty affects the validity of consideration.

Differentiate between the adequacy of consideration and the factors courts consider in evaluating it.

Understand the applications and limitations of the doctrine of promissory estoppel.

Distinguish between enforceable and non-enforceable promises based on the presence of consideration.

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Definitions:

Sensory Neuron

Cell that detects or carries sensory information into the spinal cord and brain.

Motor Neuron

A type of neuron responsible for conveying signals from the nervous system to muscles, inducing muscle contraction.

Association Cells

Neurons located in the brain's cortex that connect sensory and motor areas, and are involved in the integration of sensory inputs and cognitive processes.

Interneurons

Neurons that transmit signals between sensory neurons and motor neurons, playing a critical role in the reflexes and central nervous system.