If the Price of Cell Phones Increases by 5 Percent

question 48

Multiple Choice

If the price of cell phones increases by 5 percent and the quantity demanded falls by 2 percent,the absolute value of the price elasticity of demand is

• A)5.0.
• B)0.4.
• C)2.1.
• D)5 percent.

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Definitions:

Morphemes

The smallest meaningful units in a language, like roots, prefixes, or suffixes.

Winters

The coldest season of the year in polar and temperate zones, characterized by short days, long nights, and typically precipitation in the form of snow or rain.

Reading Span

A measure of working memory capacity, defined as the maximum number of sentences one can read while retaining the last word of each sentence for recall.

Fovea

A small depression in the retina of the eye where visual acuity is highest due to the highest concentration of cones.