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:

Information Technology

Refers to the use of computers, storage, networking, and other physical devices, infrastructure, and processes to create, process, store, secure, and exchange all forms of electronic data.

Declining Numbers

A trend or situation characterized by a gradual decrease in quantity or quality over time.

Casual Workers

Employees who have no guaranteed hours of work and whose employment is based on an as-needed basis.

Part-Time

Employment with fewer hours per week than a full-time position, typically offering less benefits and requiring less commitment.