If the Price Elasticity of Demand for a Good Is

question 145

Multiple Choice

If the price elasticity of demand for a good is 4,then a 12 percent decrease in price results in a

• A)0.33 percent increase in the quantity demanded.
• B)3 percent increase in the quantity demanded.
• C)30 percent increase in the quantity demanded.
• D)48 percent increase in the quantity demanded.

Recognize the importance of environmental factors and community infrastructure in disease prevention.

Understand the historical development of public health initiatives and their impact on community health.

Analyze the role of government and non-governmental organizations in the advancement of public health.

Identify key figures and their contributions to public health and nursing.

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Definitions:

Recession

A period of economic decline across an economy lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Demand

Refers to the desire and willingness of consumers to purchase goods and services at different prices.

Income Elasticity of Demand

An indicator of the variation in the demand for a product as a result of changes in the income levels of consumers.

Normal Good

A good for which demand increases when consumer income rises, and decreases when consumer income falls.