Price Elasticity of Demand Is the Ratio of the

question 84

Multiple Choice

Price elasticity of demand is the ratio of the

• A)absolute change in quantity demanded to the absolute change in price.
• B)absolute change in price to the absolute change in quantity demanded.
• C)percentage change in quantity demanded to the percentage change in price.
• D)percentage change in price to the percentage change in quantity demanded.

---

Definitions:

Tax Liability

The total amount of tax owed by an individual or business to the governing tax authority.

Income Tax Withholding

The portion of an employee's wages withheld by the employer and sent directly to the government as partial payment of income tax.

Qualifying Health Coverage

is insurance that meets the minimum essential medical benefits and other requirements set by the Affordable Care Act or other applicable laws.

Shared Responsibility Payment

This refers to a penalty that was imposed by the Affordable Care Act on individuals who did not obtain health insurance coverage that met the federal requirements.