If the Price Elasticity of Demand for a Good Is

question 117

Multiple Choice

If the price elasticity of demand for a good is 1,then a 3 percent decrease in price results in a

• A)0.1 percent increase in the quantity demanded.
• B)1 percent increase in the quantity demanded.
• C)3 percent increase in the quantity demanded.
• D)4 percent increase in the quantity demanded.

---

Definitions:

Problem

An obstacle or issue that needs to be solved or overcome.

Technician

A professional skilled in the practical application, repair, and maintenance of technical equipment.

Test The Theory

Test The Theory involves applying certain tests or experiments to confirm or refute the validity of a hypothesis or theoretical concept.

Bandwidth Throttling

The intentional slowing down of internet speed by an internet service provider or network administrator, often done to regulate network traffic or prioritize certain data.