If the Price of a Good Goes Up by 5

question 121

Multiple Choice

If the price of a good goes up by 5 percent and, in response, the quantity demanded falls by 15 percent, the price elasticity of demand will be:

• A) .05.
• B) 3.
• C) 0.3333.
• D) 0.15.

---

Definitions:

Time Available

The total hours or minutes that can be allocated to certain activities or tasks within a given period.

Price-Elastic

Refers to a situation where the demand for a product changes significantly in response to a change in price.

Bayer Aspirin

A brand of aspirin produced by Bayer AG, known for its pain-relieving, fever-reducing, and anti-inflammatory properties.

Medical Examination

A comprehensive health checkup assessing an individual's physical and mental condition.