The Quantity Demanded Increases from 20 to 30 Units as the Price

question 1

Multiple Choice

The quantity demanded increases from 20 to 30 units as the price falls from 50 to 40.What is the price elasticity of demand using the arc (or midpoint) method?

• A)-1/5
• B)-9
• C)-1/2
• D)-9/5
• E)None

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Definitions:

Anticipated Satisfaction

The expectation of fulfillment or happiness one believes will come from acquiring or achieving something in the future.

Goal-Setting Process

A systematic approach to setting objectives that are specific, measurable, achievable, relevant, and time-bound (SMART).

Goal Quality

The extent to which goals set within an organization or by an individual are clear, attainable, and measurable.

Participation

The act of taking part or involving oneself in an activity or discussion within an organization to contribute to decision-making processes.