A Decrease in the Price of Rice from 50 Cents

question 153

Multiple Choice

A decrease in the price of rice from 50 cents to 40 cents a pound increases consumption from 16 to 20 tons a week in Gainesville and from 160 to 200 tons in the larger city of Miami.The elasticity of demand for rice is

• A)greater in Miami than in Gainesville, even taking into account the population difference.
• B)greater in Gainesville than in Miami in spite of the population difference.
• C)equal in Gainesville and Miami regardless of the population difference.
• D)impossible to compare because of the population difference.

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Definitions:

Conj

Short for "conjunction," it refers to a logical connective that joins two or more statements or propositions, requiring both or all to be true for the compound statement to be true.

Simp

A term used in internet slang to describe someone who performs excessive sympathy or attention towards another person, often without reciprocation.

Conj

Conj is an abbreviation often used for conjunction, a logical connective combining two or more propositions, events, or states.

Simp

Informal term often used derogatorily to describe someone who is overly submissive or attentive to someone else, often with no reciprocity.