Suppose the Price of a Good Increases from $9 to $11

question 59

Multiple Choice

Suppose the price of a good increases from $9 to $11. Using the mid-point formula, what is the percentage change in price?

• A) −20 percent
• B) 25 percent
• C) 20 percent
• D) 2 percent

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Definitions:

Social Context

The environmental and cultural setting in which individuals interact and live, influencing their behaviors and experiences.

Behavior Occurs

Refers to the manifestation or display of actions or reactions of an individual in response to external or internal stimuli.

Context

The circumstances or setting surrounding an event, statement, or idea which can significantly affect its meaning or understanding.

Secondary Gains

Additional benefits received indirectly from being in a state of illness, distress, or disadvantage, often contributing to the maintenance of the state.