For a Certain Good,when Price Rises from $50 to $55,quantity

question 170

Multiple Choice

For a certain good,when price rises from $50 to $55,quantity demanded falls from 8,400 to 7,500.The price elasticity of demand here is _____________,making the demand for this good ____________ in the price range between $50 and $55.

• A) 1.19; inelastic
• B) 1.19; elastic
• C) 1.45; elastic
• D) 0.84; elastic
• E) 0.84; inelastic

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Definitions:

Looted Food

Food items that have been stolen during situations of chaos, unrest, or conflict, often implying the illegal or unethical appropriation of goods.

Media Descriptions

The portrayal or depiction of events, people, or scenarios through various forms of media, which can influence public perception and opinion.

Salience

The quality of being particularly noticeable or important; the state or condition of standing out from others due to prominence.

Accessibility

In psychology, it refers to the ease with which information can be retrieved from memory; in general, it describes how readily available or obtainable something is.