When the Price of Tea Decreases 7%, Quantity Demanded Increases

question 60

Multiple Choice

When the price of tea decreases 7%, quantity demanded increases 12%. The price elasticity of demand for tea is ________ and total revenue from tea sales will ________.

• A) inelastic; increase
• B) inelastic; decrease
• C) elastic; increase
• D) elastic; decrease

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Definitions:

Electroencephalograph

A device used to record the electrical activity of the brain, aiding in the diagnosis and monitoring of neurological conditions.

Low Voltage

Pertains to electrical signals or supplies characterized by a relatively small electric potential difference.

High Frequency

Refers to waves or signals with a very fast oscillation rate, often used in various technological and communication applications.

Lateral Hypothalamus

A region of the brain involved in regulating hunger and thirst; sometimes referred to as the "hunger center."