If a 5 Percent Reduction in the Price of a Commodity

question 30

Multiple Choice

If a 5 percent reduction in the price of a commodity results in a 3 percent increase in the quantity demanded, demand is said to be

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

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Definitions:

Aggregate Function

A function in database management that performs a calculation on a set of values and returns a single value, such as sum, average, count, min, and max.

Statistic

A numerical measurement describing some characteristic of a sample or population, often used in the analysis of data.

Subtotal

A calculation that provides a summary of numerical data before the final total is computed, often used in spreadsheets and reports.

Medium Date

A date format displaying the day, abbreviated month, and year, e.g., "01 Jan 2023".