Exhibit 5-1 Demand Curve

question 183

Multiple Choice

Exhibit 5-1 Demand curve
​
-In Exhibit 5-1, between points b and c, the price elasticity of demand measures

• A) 4.27.
• B) 1.5.
• C) 1.56.
• D) 0.636.
• E) 0.425.

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Definitions:

Treaty of Greenville

A 1795 agreement between the United States and various Native American tribes, which established peace and set boundaries in the Northwest Territory.

Ordinances

Local laws or regulations officially enacted by a municipal authority.

Trade Agreements

Legally binding contracts between two or more nations that outline the rules for trade between them, often aimed at reducing tariffs and facilitating the free flow of goods and services.

Ordinance of 1785

A law that regulated land sales in the Old Northwest. The land surveyed was divided into 640-acre plots and sold at $1 per acre.