A 10 Per Cent Increase in Price Leads to a 20

question 20

Multiple Choice

A 10 per cent increase in price leads to a 20 per cent decrease in the quantity demanded. The price elasticity of demand is equal to

• A) 10.0.
• B) 20.0.
• C) 2.0.
• D) 1.0.
• E) 0.5.

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Definitions:

Self-discipline

The ability to control one's feelings, impulses, and desires in order to achieve long-term goals.

Principle of Justice

A fundamental ethical guideline that emphasizes fairness, equality, and impartiality in the distribution of benefits and burdens.

Ethical Principle

Fundamental guidelines or values that inform and direct moral behavior, ensuring actions are consistent with ethical standards.

Cultural Ideals

The highly regarded or admired beliefs, values, and practices within a given culture, representing what is considered to be exemplary or desirable.