If the Elasticity of Demand Is 3,and the Price Rises

question 107

Multiple Choice

If the elasticity of demand is 3,and the price rises by 15 percent,then

• A)The quantity demanded will increase by 5 percent.
• B)The quantity demanded will fall by 45 percent.
• C)The quantity demanded will rise by 4.5 percent.
• D)The percentage change in quantity demanded will fall as income rises.

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Definitions:

Multifidus

A deep spine muscle important for stabilizing the joints within the spine during movement.

Psoas Minor

A small muscle located in the lower back that helps with flexion of the lumbar spine, though it is absent in a significant portion of the population.

Iliac Crest

The upper margin of the iliac bones, which forms the prominent part of the pelvic hip bone.

Lower Lumbar

Referring to the lower part of the lumbar region of the back, which includes the lower vertebrae of the spine.