You Raised the Price of Your Good by 20% and the Quantity

question 108

Multiple Choice

You raised the price of your good by 20% and the quantity demanded declined by 40%. Demand is:

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

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Definitions:

Mortgage Rates

The interest rate charged on a loan used to purchase a home, which can affect the overall cost of the loan and monthly payments.

Nonwhites

Nonwhites is a term used to describe individuals who are not identified as white, encompassing a broad range of racial and ethnic identities.

Working Poor

Individuals or families who are employed but whose earnings are not sufficient to meet a standard of living that is considered acceptable or comfortable.

Poverty

A condition where individuals or communities lack the financial resources and essentials for a minimum standard of living.