It Has Been Observed That,when the Price of Music CDs

question 122

Multiple Choice

It has been observed that,when the price of music CDs rose by 1%,the market quantity demanded fell by 1.83%.The price elasticity of market demand is:

• A)1.83%
• B)-1.83%
• C)0.55%
• D)-0.55%

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Definitions:

Magna Carta

A charter of liberties to which the English barons forced King John to give his assent in June 1215 at Runnymede, a foundational document limiting the power of the monarchy.

English Liberties

The fundamental rights and freedoms traditionally enjoyed by English subjects, often cited as a historical basis for modern democratic liberties.

Ideal Government

A theoretical or conceptual government considered to be the best possible, often involving principles of justice, equality, and effective governance.

Religious Dissension

Disagreements and discord within or between religious communities, often leading to disputes, schisms, or conflicts.