If an Increase in the Price of a Product from $1

question 58

Multiple Choice

If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then the value of price elasticity of demand is

• A)-1/3
• B)-2 1/3
• C)-1/4
• D)-3
• E)-2/3

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Definitions:

Homespun Clothing

Clothing made from cloth spun at home, symbolizing self-reliance and resistance to British goods during the American Revolutionary era.

Women Shopkeepers

Female entrepreneurs who own or manage retail businesses, highlighting the role of women in commerce and the economy.

Restrictions

Rules or regulations that limit, control, or restrict certain activities, behaviors, or freedoms.

Quartering Act

refers to laws passed by the British Parliament requiring American colonies to provide housing and accommodations for British troops, notably leading up to the American Revolutionary War.