A Given Percentage Rise in the Price of a Good

question 174

Multiple Choice

A given percentage rise in the price of a good is likely to result in a larger percentage decrease in the quantity of the good demanded

• A)the shorter the passage of time.
• B)the larger the proportion of income spent on it.
• C)the harder it is to obtain good substitutes.
• D)all of the above
• E)none of the above

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Definitions:

Pollution Capacity

The ability of a natural environment to absorb, break down, or otherwise neutralize pollutants without suffering detrimental effects.

Environmental Standards

Regulations and criteria set by authorities or organizations to protect the environment from harmful levels of pollutants or to manage the use of natural resources.

Flexibility

The ability to adapt to new, different, or changing requirements or conditions.

Pollution

The introduction of contaminants into the natural environment that cause adverse changes, affecting air, water, and soil quality.