Suppose 50 Loaves of Bread Are Demanded at a Particular

question 39

Multiple Choice

Suppose 50 loaves of bread are demanded at a particular price. If that price rises by 4 percent, the quantity demanded of bread decreases to 45 loaves, which means

• A) demand is elastic.
• B) demand is unit elastic.
• C) the price elasticity of demand is equal to 0.8.
• D) demand is inelastic.
• E) consumers are very unresponsive to a price change.

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Definitions:

Right Hemisphere

The half of the brain that is typically associated with creative thought, spatial ability, and the processing of visual and auditory information.

Verbal Naming

The cognitive process of attaching words or labels to objects, sensations, or concepts, playing a vital role in language development and communication.

Cerebral Cortex

The outer layer of the cerebrum in the brain, playing a key role in memory, attention, perception, cognition, awareness, thought, language, and consciousness.

Spoken Language

Refers to the use of sounds and speech for communication between individuals, which can vary widely across different communities and cultures.