If a 20 Percent Increase in the Price of a Used

question 293

Multiple Choice

If a 20 percent increase in the price of a used car results in a 10 percent decrease in the quantity of used cars demanded, then the demand for used cars is

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) arc elastic.

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Definitions:

Russia

A country in Eastern Europe and Northern Asia, known for its rich history, cultural heritage, and significant influence in world affairs.

Byzantine Artworks

Refers to art produced in the Byzantine Empire from the 4th century to the Fall of Constantinople in 1453, characterized by its religious icons, mosaics, and rich use of gold and symbolism.

Ivory

A hard, white material from the tusks (mainly elephants) and teeth of animals, used historically for art, decor, and utilitarian items because of its fine texture and workability.

Harbaville Triptych

A Byzantine ivory triptych of the 10th century, known for its detailed carvings and religious iconography.