If an Increase in the Price of a Product from $100

question 31

Multiple Choice

If an increase in the price of a product from $100 to $200 per unit leads to a decrease in the quantity demanded from 10 to 8 units, then demand is

• A)elastic
• B)inelastic
• C)unit elastic
• D)0
• E)inferior

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Definitions:

Cross-sectional Research

A research method that analyzes data from a population, or a representative subset, at a specific point in time.

One Time

Occurring only once; a single occurrence or instance.

Beneficence

The ethical principle of doing good and preventing harm, often emphasized in healthcare and research contexts.

Nonmaleficence

A principle in ethics, particularly in healthcare, that emphasizes avoiding harm or injury to others.