If a Large Percentage Drop in the Price Level Results

question 3

Multiple Choice

If a large percentage drop in the price level results in a small percentage increase in the quantity demanded,

• A)demand is inelastic.
• B)demand is elastic.
• C)demand is unit elastic.
• D)the price elasticity of demand is close to infinity.
• E)the price elasticity of demand is zero.

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Definitions:

Naturalized Americans

Individuals who were not born in the United States but have legally obtained U.S. citizenship through a formal process.

Composite Nation

A concept popularized in the 19th century suggesting that the United States was unique and strong because of its mix of peoples from various backgrounds and cultures.

Lucy Stone

A prominent American abolitionist and suffragist in the 19th century, known for her advocacy for women's rights and abolition of slavery.

Fifteenth Amendment

An amendment to the U.S. Constitution that prohibits the federal and state governments from denying a citizen the right to vote based on that citizen's "race, color, or previous condition of servitude."