Suppose Price Increases from $7

question 34

Multiple Choice

Suppose price increases from $7.00 to $13.00. Using the mid-point formula, what is the percentage change in price?

• A) −0.6 = −60 percent
• B) 0.6 = 60 percent
• C) 0.7 = 70 percent
• D) 1.30 = 130 percent

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Definitions:

Microwave Ovens

Appliances that use microwave radiation to cook or heat food, offering a quick and convenient method of food preparation.

General Equilibrium

A condition in an economy where supply and demand are in balance across all markets simultaneously.

Consumer Preferences

The subjective tastes and desires that dictate the choices made by consumers regarding goods and services they wish to purchase.

Equilibrium Prices

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in the market.