Exhibit 5-2 Price and Quantity Demanded Data Using Exhibit 5-2, What Is the Price Elasticity of Demand

question 10

Multiple Choice

Exhibit 5-2 Price and quantity demanded data $$\begin{array} { | c | c | } \hline \text { Price } & \text { Quantity Demanded } \\\hline 5 & 20 \\4 & 25 \\3 & 30 \\2 & 35 \\1 & 40 \\\hline\end{array}$$ Using Exhibit 5-2, what is the price elasticity of demand when the price falls from five dollars to four?

• A) 1.
• B) 1.25.
• C) 0.8.
• D) 2.0.

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Definitions:

Self-Fulfilling Prophecy

A belief or expectation that invokes a behavior which makes the originally false belief come true.

Generalized Other

A concept in sociology that represents the expectations, attitudes, and viewpoints of the society as a whole that individuals take into account in their behavior.

Thomas Theorem

The sociological theory that situations defined as real are real in their consequences, emphasizing the importance of perception in social dynamics.

Self-Fulfilling Prophecy

A prediction that directly or indirectly causes itself to become true due to positive feedback between belief and behavior.