A Given Percentage Rise in the Price of a Good

question 174

Multiple Choice

A given percentage rise in the price of a good is likely to result in a larger percentage decrease in the quantity of the good demanded

• A)the shorter the passage of time.
• B)the larger the proportion of income spent on it.
• C)the harder it is to obtain good substitutes.
• D)all of the above
• E)none of the above

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Definitions:

Compensation Method

A system or approach used to determine how employees, especially sales personnel, are rewarded for their efforts and performances.

Return-On-Investment

A performance measure used to evaluate the efficiency or profitability of an investment, calculated by dividing the profit of an investment by its cost.

Trade-Off

A situation that involves losing one quality or aspect of something in return for gaining another quality or aspect.

Major Categories

Principal divisions or classifications in a system or grouping, under which more specific items or concepts can be filed.