When the Price of Pencils Decreases from $3 to $1,the

question 100

Multiple Choice

When the price of pencils decreases from $3 to $1,the quantity demanded increases from 100 to 200 pencils.By the midpoint method,the price elasticity of demand equals:

• A)0.17.
• B)0.5.
• C)0.67.
• D)1.5.

---

Definitions:

Social Class

A division of a society based on social and economic status, influencing individuals' lifestyles, education, and occupational opportunities.

Intersection

A concept used to describe how different categories of identity and disadvantage overlap and intersect.

Senior Auditor

A professional responsible for overseeing the auditing process, ensuring compliance with applicable laws and standards, and assessing financial and operational activities of organizations.

Pension

A retirement plan that provides regular income to individuals, typically after retirement, which can be contributed to by employers, employees, or both.