A Price Elasticity of

question 75

Multiple Choice

A price elasticity of .25 means that if price changes by 1%, then quantity will change by:

• A) 2.25%.
• B) .025%.
• C) 0.25%.
• D) 1.25%.

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Definitions:

Saline

A solution of salt in water, commonly used in medicine as a simple electrolyte replenisher to treat or prevent dehydration.

Latex Gloves

Protective gloves made from latex, used to prevent contamination and to protect hands from chemicals, biohazards, and other harmful substances.

Mineral Oil

A clear, odorless oil derived from petroleum, used as a lubricant, moisturizer, or laxative in medical and cosmetic products.

Emollient

A substance, often a cream or lotion, used to soften or moisturize the skin.