The Percentage Change in the Quantity Demanded of a Good

question 102

Multiple Choice

The percentage change in the quantity demanded of a good due to a percentage change in its price is referred to as ________.

• A) the cross-price elasticity of demand
• B) the price elasticity of demand
• C) the income elasticity of demand
• D) consumer surplus

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Definitions:

American Troops

Members of the United States Armed Forces, which include the Army, Navy, Marine Corps, Air Force, and Coast Guard.

Declaration of War

A declaration of war is a formal act by which one nation goes to war against another, typically requiring approval by the legislature in democratic countries.

Executive Office

A branch of government responsible for enforcing laws and managing the administration of public policy, typically headed by the President or Prime Minister.

President

The elected head of state and government in a republic, particularly referring to the President of the United States.