If the Price Elasticity of Demand Is Equal to 2

question 79

Multiple Choice

If the price elasticity of demand is equal to 2, a 1 percent increase in price will cause the quantity demanded to ____ by ____ percent.

• A) decrease; 5
• B) increase; 2
• C) decrease; 0.5
• D) decreas
• E) increas

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Definitions:

Substance Abuse

The harmful use of substances, including alcohol and drugs, leading to addiction or other negative outcomes.

Rehabilitation

The process of helping a person achieve the highest level of function, independence, and quality of life possible after illness or injury.

Ineffective Breathing Pattern

A respiratory condition where there is an insufficient exchange of air, leading to inadequate oxygen intake or carbon dioxide elimination.

Opioid Intoxication

The acute state of poisoning resulting from the excessive consumption of opioids, leading to altered mental state, respiratory depression, and potential fatality.