If the Price of a Product Increases by 10 Percent

question 63

Multiple Choice

If the price of a product increases by 10 percent and the quantity demanded decreases by 15 percent, then the

• A)product has an elastic demand.
• B)product has an inelastic demand.
• C)product has an elastic supply.
• D)product has a unit-elastic demand.
• E)producer should raise the price further to increase total revenue.

Understand the role of factor endowments in shaping the trade patterns of countries.

Assess the impacts of trade policies such as tariffs, quotas, and subsidies on international trade.

Identify the strategies and theories related to protecting emerging industries.

Understand the concept of economies of scale and its significance in international trade.

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Definitions:

Ableism

Discrimination and social prejudice against people with disabilities or who are perceived to have disabilities.

Down Syndrome

A genetic disorder caused by the presence of all or part of a third copy of chromosome 21, characterized by distinct facial features, intellectual disability, and developmental delays.

Classism

The systematic oppression of dominant class groups on subordinate classes in order to gain advantage and strengthen their own positions.

Mixed-income

Describes communities or housing developments designed to include a range of income levels among residents, aimed at promoting diversity and reducing economic segregation.