If the Price of a 8GB Memory Card Decreases from $25

question 38

Multiple Choice

If the price of a 8GB memory card decreases from $25 to $20, the percentage change is

• A)-20 percent.
• B)-33 percent.
• C)-50 percent.
• D)-60 percent.

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Definitions:

Output

The complete volume of products or services generated by a business, sector, or economic structure.

Profit

Profit is the financial gain that is achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Inverse Demand Function

A mathematical representation showing how the quantity demanded of a good or service changes as its price changes, holding everything else constant.

Unit Tax

A tax that is imposed on a product based on a fixed amount per unit, rather than a percentage of the price.