The Price Elasticity of Demand for Best Paints One Gallon

question 112

Multiple Choice

The price elasticity of demand for Best Paints one gallon sized paint cans is 0.79. If Best Paints increased the price of their gallon sized paint cans by 10 percent, which of the following is expected to occur?

• A)The quantity demanded will increase by 0.79 percent.
• B)The quantity demanded will fall by 7.9 percent.
• C)The quantity demanded will increase by 7.9 percent.
• D)The quantity demanded will fall by 0.79 percent.

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Definitions:

Staff Motivation

The level of energy, commitment, and creativity that a company's workers bring to their jobs.

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Goal congruence refers to the alignment of objectives among different members or parts of an organization, ensuring that all efforts contribute towards the overarching goals.

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A performance-based compensation strategy where employees receive benefits from cost-saving measures or productivity increases.

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Additional compensation awarded to employees as a one-time payment for achieving specific performance targets or for special recognition.