Suppose That the Percentage Change in Demand Is 10%, the Price

question 21

Multiple Choice

Suppose that the percentage change in demand is 10%, the price elasticity of supply is 2, and the percentage change in the equilibrium price is 3.33%. What is the price elasticity of demand?

• A) 0
• B) 1
• C) 2
• D) 3

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Definitions:

Thoracic Nerves

Nerves originating from the thoracic region of the spinal cord, involved in controlling the muscles and sensation in the chest, abdomen, and parts of the back.

Filum Terminale

A slender filament of connective tissue that extends from the bottom of the spinal cord and anchors it within the vertebral column.

Conus Medullaris

The tapered, lower end of the spinal cord, found at the level of the first and second lumbar vertebrae.

Cerebrum

The largest part of the brain, responsible for voluntary activities, intelligence, memory, and personality.