If a 4 Percent Rise in the Price of Peanut

question 403

Multiple Choice

If a 4 percent rise in the price of peanut butter lowers the total revenue received by the producers of peanut butter by 4 percent, the demand for peanut butter

• A) is elastic.
• B) is inelastic.
• C) is unit elastic.
• D) has an elasticity of 2.0.

---

Definitions:

Federal Government

The national government of a federal state, which shares sovereignty with its provinces, states, or other political subdivisions.

Appoints

The act of designating someone to a position or role, often used within legal, organizational, or governmental contexts.

Judges

Persons appointed to decide cases in a court of law, interpret laws, and administer justice.

Battery Case

Legal proceedings involving the unlawful physical contact of one person by another, which can also refer to a civil claim for personal injury.