When the Price of Oranges Increases from $4 to $6

question 516

Multiple Choice

When the price of oranges increases from $4 to $6 per bag, the quantity demanded of oranges decreases from 800 bags to 700 bags. The price elasticity of demand over this price range is equal to

• A) 3.
• B) 3/7 or 0.4286.
• C) 1/3 or 0.3333.
• D) 1/4 or 0.25.

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Definitions:

Majority/Minority Influential Differences

The differing impacts that majority and minority groups can have on influencing opinions, behaviors, and societal norms.

Divergent Thinking

A way of solving problems characterized by creative and non-linear approaches, often leading to multiple possible solutions.

Abstract Thinking

The ability to think about objects, principles, and ideas that are not physically present; involves higher-order reasoning and complex thought processes.

Convergent Thinking

A cognitive process in which a person attempts to find a single, correct solution to a problem.