If the Price of Orange Juice Rises 10%,and as a Result

question 85

Multiple Choice

If the price of orange juice rises 10%,and as a result the quantity demanded falls by 8%,the price elasticity of demand for orange juice is

• A) -1.25.
• B) inelastic.
• C) Both A and B above.
• D) Neither A nor B above.

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Definitions:

Seller

A person or business that offers goods or services for sale to consumers or other businesses.

Gateway

A point within a network that acts as an entrance to another network, often involving protocol conversion.

Contract

A legally binding agreement between two or more parties that outlines obligations and rights.

Consumer

An individual who purchases goods or services for personal use and not for manufacture or resale.