FIGURE 4- 2 -Refer to Figure 4- 2. the Price Elasticity of Demand

question 101

Multiple Choice

FIGURE 4- 2
-Refer to Figure 4- 2. The price elasticity of demand is constant as price changes in part(s)

• A) 1.
• B) 2.
• C) 1, 2, and 3.
• D) 2, 3, and 4.
• E) none of the above

---

Definitions:

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.

Comparative Advantage

The capacity of a nation or company to manufacture a specific product or provide a certain service with a lesser opportunity cost compared to its trade allies.

Hamburgers

A popular food item consisting of cooked ground beef patties placed inside a sliced bun, often accompanied by various toppings.

Comparative Advantage

The ability of an individual, firm, or country to produce a particular good or service at a lower opportunity cost than others.