Table 5-2
​ -Refer to Table 5-2

question 187

Multiple Choice

Table 5-2
​
$$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Price } \\\text { (Dollars per unit) }\end{array} & \begin{array} { c } \text { Quantity Demanded } \\\text { (Units) }\end{array} \\\hline 100 & 0 \\\hline 80 & 50 \\\hline 60 & 100 \\\hline 40 & 150 \\\hline 20 & 200 \\\hline 0 & 250 \\\hline\end{array}$$
-Refer to Table 5-2. Using the midpoint method, if the price falls from $80 to $60, the price elasticity of demand is

• A)zero.
• B)unit elastic.
• C)inelastic.
• D)elastic.

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Definitions:

Voluntary Basis

Participation or action taken by an individual or entity without coercion, typically without expectation of payment.

Consideration

An item of worth traded between entities within a contractual agreement, rendering the contract enforceable by law.

Enforce

To compel observance of or compliance with a law, rule, or obligation.

Consideration

The concept in contract law that involves something of value exchanged between parties, which is necessary for a contract to be considered legally binding.