If the Price of the IPod Falls by 3 Percent

question 110

Multiple Choice

If the price of the iPod falls by 3 percent and the price elasticity of demand for iPods is 2.0,then quantity demanded will fall by what percentage?

• A)5 percent.
• B)6 percent.
• C)0.6 perent.

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Definitions:

Functional Structures

Functional structures group together people with similar skills who perform similar tasks.

Technical Expertise

Specialized knowledge or skills in a specific area of technology, often crucial for solving complex problems or creating innovative solutions.

Functional Departments

Distinct sections within an organization, each dedicated to a specific function or area of expertise such as marketing, finance, or human resources.

Mechanistic

An organizational structure characterized by rigid hierarchies, clear responsibilities, and centralized decision-making.