The Price Elasticity of Demand for a Good Measures the Willingness

question 90

Multiple Choice

The price elasticity of demand for a good measures the willingness of

• A)consumers to move away from the good as price rises.
• B)consumers to avoid monopolistic markets in favor of competitive markets.
• C)firms to produce more of a good as price rises.
• D)firms to cater to the tastes of consumers.

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Definitions:

Lewis Structure

A diagrammatic method for representing the electron configuration in molecules, showing how valence electrons are arranged among atoms in a molecule.

Double Bonds

Double bonds are chemical bonds between two chemical elements involving four bonding electrons as opposed to two in a single bond.

Compound

A substance formed from two or more elements chemically united in fixed proportions.

Chloromethane

A colorless, flammable gas with a slight sweet odor, used in the production of silicones and butyl rubber.