If the Price Elasticity of Demand for a Good Is

question 117

Multiple Choice

If the price elasticity of demand for a good is 1,then a 3 percent decrease in price results in a

• A)0.1 percent increase in the quantity demanded.
• B)1 percent increase in the quantity demanded.
• C)3 percent increase in the quantity demanded.
• D)4 percent increase in the quantity demanded.

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Definitions:

Alcohol

A chemical compound commonly found in beverages such as beer, wine, and spirits, known for its psychoactive effects.

Omnipotent

Possessing unlimited power and able to do anything.

Stem Cells

Undifferentiated biological cells that can differentiate into specialized cells and can divide to produce more stem cells.

Recessive

Describing traits or genes that are expressed in offspring only when inherited from both parents, as opposed to dominant traits that are expressed when inherited from just one parent.