You Raised the Price of Your Good by 40% and the Quantity

question 107

Multiple Choice

You raised the price of your good by 40% and the quantity demanded declined by 40%. Demand is:

• A) elastic.
• B) inelastic.
• C) unitary elastic
• D) completely elastic
• E) completely inelastic

---

Definitions:

Western

Pertaining to or characteristic of the cultures, civilizations, or societies traditionally located in the Western Hemisphere, primarily focusing on Europe and North America, and often associated with specific values, beliefs, and practices.

Research

Systematic investigation aimed at discovering, interpreting, and revising facts.

Traditional Markers

Established indicators or milestones that are widely recognized in society to denote significant life events or transitions, such as graduation or marriage.

Social Changes

Alterations in the structure and functioning of a society, often driven by cultural, economic, or technological factors.