\Suppose the Quantity Demanded of Steak Is 200 Million Pounds

question 178

Multiple Choice

\Suppose the quantity demanded of steak is 200 million pounds per year when the price is $6 per pound and 400 million pounds per year when the price is $2 per pound. The price elasticity of demand for steak over this range is:

• A) elastic.
• B) inelastic.
• C) unitary elastic.
• D) perfectly elastic.
• E) perfectly inelastic.

---

Definitions:

Flu

An infectious respiratory illness caused by influenza viruses, characterized by symptoms like fever, cough, and aches.

Socioeconomic Status

A measure of an individual's or family's economic and social position relative to others, based on income, education, and occupation.

Public Housing

Government-provided housing aimed at offering affordable living spaces to individuals and families with low to medium income.

Physically Demanding Job

Employment that requires a high level of physical effort, endurance, and strength, often involving manual labor.