If the Price of Chocolate-Covered Peanuts Decreases from $1

question 246

Multiple Choice

If the price of chocolate-covered peanuts decreases from $1.10 to $0.90 and the quantity demanded increases from 190 bags to 210 bags, this indicates that, if other things are unchanged, the price elasticity of demand is:

• A) 0.
• B) -0.5.
• C) -1.
• D) -2.

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Definitions:

Group Productivity

The measure of the output or performance level of a group working together towards common objectives.

Nominal Group Technique

A structured method for group brainstorming that encourages contributions from everyone in the group and seeks to reduce the influence of dominant individuals.

Evaluation Apprehension

The fear or anxiety about being judged by others, which can affect performance and behavior in social situations.

Brainstorming

Brainstorming is a technique or process used for generating creative ideas and solutions through spontaneous and free-flowing group discussion.