If the Price Elasticity of Demand for a Good Is

question 64

Multiple Choice

If the price elasticity of demand for a good is 0.8, then a

• A) 1 percent rise in the price leads to a 0.8 percent decrease in the quantity demanded.
• B) one dollar rise in the price leads to a 0.8 percent decrease in the quantity demanded.
• C) 1 percent rise in the price leads to an 80 percent decrease in the quantity demanded.
• D) 1 percent rise in the price leads to an 8 percent decrease in the quantity demanded.

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Definitions:

Disabilities

Conditions that restrict a person's mental, physical, or sensory abilities, affecting their daily activities and interactions.

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A serious medical condition caused by the blockage of blood flow to the heart muscle, leading to tissue damage or death, commonly known as a heart attack.

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The ability of the heart and blood vessels to circulate blood throughout the body, delivering oxygen and nutrients to tissues.

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A group of long-term respiratory conditions that block airflow and make it difficult to breathe.