If the Price Elasticity of Demand Is 1

question 5

Multiple Choice

If the price elasticity of demand is 1.2 and the marginal revenue is $20, what is the price of the product?

• A)$12
• B)$20
• C)$120
• D)$1,200

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Definitions:

Recategorization

The process of changing the way groups are categorized, often aimed at reducing prejudice by viewing individuals as part of a larger, inclusive group.

Cross-Categorization

The classification of individuals into multiple overlapping categories or groups based on their characteristics or attributes, which can reduce the effects of stereotyping and prejudice.

Postcategorization

The process or practice of reevaluating and possibly redefining categorizations, often in the context of social identities or classifications.

Precategorization

The early or initial process of classifying or sorting objects, ideas, or information into categories, often before more detailed analysis.