If Quantity Demanded for Rice Falls by 4% When Price

question 47

Multiple Choice

If quantity demanded for rice falls by 4% when price increases 8%,we know that the absolute value of the own-price elasticity of rice is:

• A)​2.5.
• B)0.5.
• C)2.
• D)​0.40.

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Definitions:

Installment Series

A sequence of payments or deliveries spread over a period of time as part of a larger agreement.

Cure

The remediation of a breach or defect in a contract, allowing for the restoration of the terms without penalty.

Bailee

An individual or entity given temporary possession but not ownership of personal property by another (the bailor) for a specific purpose.

Document of Title

A legal document or electronic record evidencing the right to control the disposition of goods, such as a bill of lading or warehouse receipt.