Assume the Demand for Electricity,a Necessity with Few Substitutes,is -0

question 111

Multiple Choice

Assume the demand for electricity,a necessity with few substitutes,is -0.2.If the electric company raised its rates by 10 percent,we would expect

• A) a 10 percent decrease in quantity demanded.
• B) a 2 percent increase in quantity demanded.
• C) a 10 percent increase in quantity demanded.
• D) a 2 percent decrease in quantity demanded.
• E) a 5 percent decrease in quantity demanded.

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Definitions:

JTextField

A GUI component that allows the text input from a user within a single line field in Java Swing.

SetVisible

A method in Java Swing that sets the visibility of a component, making it visible or invisible at runtime.

Pay Rate

The amount of money that is paid to an employee per unit of time or per task completed.

Hours Worked

The total amount of time an employee spends doing their job within a specified period.