The Quantity of Apples Demanded Decreases by 8 Percent When

question 136

Multiple Choice

The quantity of apples demanded decreases by 8 percent when the price rises by 8 percent. The demand for apples is

• A)unit elastic.
• B)inelastic.
• C)elastic.
• D)perfectly elastic.
• E)perfectly inelastic.

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Definitions:

Natural Gas

A fossil fuel composed mainly of methane, used as an energy source for heating, cooking, and electricity generation.

Consumption Rate

The speed at which goods and services are consumed or used up, often reflecting the economic activity level.

Predictions

Future estimations or anticipations based on current trends or data analysis.

Proved Reserves

Located quantities of natural resources, such as oil or gas, that can be recovered in the future with high certainty under existing economic and operational conditions.