Price Elasticity of Demand (E)is Expressed as (∆ Means Change)

question 122

Multiple Choice

Price elasticity of demand (E) is expressed as (∆ means change)

• A)E = Percentage change in price (%∆ in P)÷ Percentage change in quantity demanded (%∆ in Q).
• B)E = Price (P)÷ Quantity demanded (Q).
• C)E = Percentage change in quantity demanded (%∆ in Q)÷ Percentage change in price (%∆ in P).
• D)E = Quantity demanded (Q)÷ Price (P).
• E)E = Quantity demanded (Q)× Price (P).

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Definitions:

Block Grants

Funds provided by the federal government to state and local governments to support broad purposes with relatively few restrictions on how they are spent.

Cooperative Federalism

A concept of federalism in which national, state, and local governments interact cooperatively and collectively to solve common problems.

Federal Block Grants

Federal Block Grants are large sums of money given by the federal government to state or local authorities for general purposes within a broad subject area, allowing these entities the flexibility to allocate funds as they see fit.

Full Faith and Credit Clause

A clause in the United States Constitution requiring each state to recognize and respect the judicial decisions, public records, and legislative acts of every other state.