The Price of Gold Increases by 200

question 53

Multiple Choice

The price of gold increases by 200%. If the price elasticity of demand for gold is 0.4, what will happen in the market?

• A) Gold sales will increase by 1,000%.
• B) Gold sales will decrease by 40%.
• C) Gold sales will decrease by 5%.
• D) Gold sales will decrease by 80%.

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Definitions:

Internal Biological Clock

An innate mechanism that controls the physiological activities of an organism, ensuring they occur at optimal times.

Consciousness

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, and experiences.

Awareness

The state or ability to perceive, feel, or be conscious of events, objects, or sensory patterns.

Environment

The surroundings or conditions in which a person, animal, or plant lives or operates, encompassing both natural and built environments.