If the Price Elasticity of Demand for a Given Product

question 4

Multiple Choice

If the price elasticity of demand for a given product is 7,this means that

• A) the percentage change in quantity demanded is 7 times the percentage change in price.
• B) if quantity demanded fell by 1 percent, price would fall by 7 percent.
• C) if price was raised 7 percent, quantity demanded would fall by 7 percent.
• D) if price was raised 7 percent, quantity demanded would rise 7 percent.
• E) none of the above

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Definitions:

Variable Pitch

Referring to the capability of adjusting the angle or pitch of blades in fans, propellers, or turbines to control performance.

Impeller

The driving member of a torque converter torus; the impeller is mechanically connected to the engine crankshaft and should rotate at the same speed.