If the Absolute Value of the Price Elasticity of Demand

question 45

Multiple Choice

If the absolute value of the price elasticity of demand for good X is greater than 1, then:

• A) X is a complementary good.
• B) X is a substitute good.
• C) X is an superior good
• D) demand for X is said to be inelastic.
• E) demand for X is said to be elastic.

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Definitions:

Washing Action

The process of cleansing or removing dirt, contaminants, or impurities from objects or surfaces, typically involving agitation and detergents or solvents.

Tears

A liquid produced by the lacrimal glands for lubrication, nourishment of the cornea, and protection against infection in the eye.

Macrophages

A type of white blood cell that engulfs and digests cellular debris, foreign substances, microbes, and cancer cells in a process called phagocytosis.

Lymph Nodes

Small, bean-shaped structures that produce and store cells that help fight infection and disease.