When the Price of a Good Increased by 5 Percent

question 13

Multiple Choice

When the price of a good increased by 5 percent, the quantity demanded of it decreased 10 percent. The price elasticity of demand is ________. A price rise will ________ total revenue.

• A)2.0; decrease
• B)0.5; decrease
• C)2.0; increase
• D)0.5; increase
• E)-2.0; decrease

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Definitions:

Remedies

Legal means to enforce a right or redress a harm, including monetary compensation, injunctions, and specific performance.

UCC

A comprehensive code addressing various aspects of commercial law, including sales, leases, and negotiable instruments, to streamline commerce across state lines.

Code

A code is a system of principles or rules, often used in contexts like legal codes (laws grouped by subject) or programming (instructions for computers).

Remedies

Remedies are the means by which a court enforces a right, imposes a penalty, or makes another court order to impose its will.