If a $1 Increase in Price Changes Quantity Demanded by 4

question 37

Multiple Choice

If a $1 increase in price changes quantity demanded by 4 units, the price elasticity of demand

• A)must equal 0.25 percent.
• B)must equal 4 percent.
• C)must equal 1/4.
• D)cannot be calculated with this information.
• E)must equal 4.

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Definitions:

Statistics

The practice or science of collecting and analyzing numerical data in large quantities, especially for inferring proportions in a whole from those in a representative sample.

Electrolysis

A chemical process in which electrical current is passed through a substance to effect a chemical change, commonly used for metal plating and water splitting.

Moles

A mole is a unit of measurement in chemistry representing 6.022 x 10^23 particles of a substance, used to express the amount of a chemical substance.

Cupric Ions

Ions of copper in a +2 oxidation state, commonly involved in various biological and chemical processes.