When Price = $33, Quantity Demanded = 460

question 131

Multiple Choice

When price = $33, quantity demanded = 460. When price = $31, quantity demanded = 500. The price elasticity of demand is _______________, making this an _____________ good in the price range between $31 and $33.

• A)1.33; inelastic
• B)1.33; elastic
• C)0.75; elastic
• D)0.75; inelastic
• E)6.2; elastic

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Definitions:

Maturity Date

The specified date on a financial instrument such as a bond or loan when the principal amount is due to be paid back in full.

Note Receivable

A financial asset representing a promise for future receipt of cash, often from loans or credit extended to others.

Factor

An element or condition that actively contributes to the production of a result, often used in the context of mathematics or economic analysis.

Accounts Receivable

The amount of money owed to a company by its customers for goods or services that have been delivered but not yet paid for.