Price Elasticity of Demand Is the Ratio of the

question 84

Multiple Choice

Price elasticity of demand is the ratio of the

• A)absolute change in quantity demanded to the absolute change in price.
• B)absolute change in price to the absolute change in quantity demanded.
• C)percentage change in quantity demanded to the percentage change in price.
• D)percentage change in price to the percentage change in quantity demanded.

---

Definitions:

Severing

The act of legally separating or dividing property rights, often in the context of joint tenancies turning them into tenancies in common.

Adverse Possession

The process by which one can legally claim ownership of property by occupying it for a certain period, under certain conditions, without the permission of the owner.

Life Tenant

An individual who has the right to use or occupy property during their lifetime, but cannot sell or transfer the property.

Fee Simple

The most extensive interest in real estate available, granting the owner full possession and control, subject only to governmental restrictions.