Given That the Own-Price Elasticity of Demand for a Brand

question 78

Multiple Choice

Given that the own-price elasticity of demand for a brand of shoes is -2,if the price rises by 8%,what will happen to the quantity of shoes demanded?​

• A)​It will decrease by 16%
• B)It will increase by 16%
• C)It will decrease by 1.6%
• D)​It will decrease by 1.6%

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British House of Commons

The main lower house of the Parliament of the United Kingdom, responsible for making and passing legislation.

British Philosopher

A scholar from the United Kingdom who engages in the study of philosophy, exploring fundamental questions about existence, knowledge, values, reason, mind, and language.

Enlightenment Thinker

Intellectuals of the 18th-century Enlightenment period who advocated for reason, science, and the questioning of traditional doctrines, contributing to significant societal and political changes.

John Locke

A 17th-century English philosopher known for his contributions to liberal political philosophy, empiricism, and social contract theory.