The Price Elasticity of Demand for Furniture Is Estimated at 1.3

question 18

Multiple Choice

The price elasticity of demand for furniture is estimated at 1.3. This value means a one percent increase in the

• A) price of furniture will increase the quantity of furniture demanded by 1.3 percent.
• B) price of furniture will decrease the quantity of furniture demanded by 1.3 percent.
• C) quantity of furniture demanded will decrease the price of furniture by 1.3 percent.
• D) quantity of furniture demanded will increase the price of furniture by 1.3 percent.

---

Definitions:

Horizontal Social Mobility

The movement of individuals or groups across similar socioeconomic levels without a significant change in social status.

Nonfiction Books

Literary works based on facts, real events, and real people, such as biographies, histories, and essays.

Horizontal Social Mobility

describes the movement of individuals or groups across similar social positions without a change in their social status.

Auto Plants

Factories where automobiles are manufactured, involving assembly lines and complex machinery to produce vehicles.