If a Good Has a Price Elasticity of Demand Coefficient

question 122

Multiple Choice

If a good has a price elasticity of demand coefficient less than one, then:

• A) this good has an elastic demand.
• B) this good has an inelastic demand.
• C) a 10 percent increase in the price will result in a greater than 10 percent decrease in the quantity demanded.
• D) the demand curve will be vertical.

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Definitions:

Human Resource Department

The department within an organization that is responsible for managing employment-related functions including recruitment, training, and performance evaluation.

Unionization Effort

Activities undertaken by workers and/or unions to organize employees within a workplace, aiming to gain representation rights and negotiate collectively.

Supervisors

Individuals within an organization who oversee and manage the work of other employees, ensuring tasks are completed efficiently and effectively.

Union Workers

Employees who are members of a labor union, which represents them in negotiations with employers over wages, benefits, and working conditions.