If a Company Institutes a 3% Price Decrease and the Result

question 66

Multiple Choice

If a company institutes a 3% price decrease and the result is a 6% increase in the quantity demanded,what is the price elasticity of demand for the product?

• A)-2
• B)+2
• C)-.5
• D)+.5

---

Definitions:

Technical Culture

The customs, practices, and values that characterize a particular group or organization engaged in technical work.

Informal Culture

The unspoken, unofficial, and often unintended behaviors, traditions, and rituals that organically develop within an organization.

Cultural Levels

The various strata within cultures that influence social behavior and interactions, ranging from national norms to individual values and beliefs.

Administrative Assistant

A role tasked with providing administrative support to ensure efficient operation of an office or department.