If 20 Percent Increase in the Price of a Good Leads

question 65

Multiple Choice

If 20 percent increase in the price of a good leads to a 60 percent decrease in the quantity demanded, then what is the price elasticity of demand?

• A)30.
• B)3.
• C)1/3.
• D)1/6.

---

Definitions:

Intellectual Skills

Intellectual Skills involve the cognitive abilities required to perform tasks that require reasoning, problem-solving, learning, and understanding.

Learning Outcomes

The knowledge, skills, attitudes, and values that learners are expected to achieve as a result of undergoing specific educational activities.

Self-Efficacy

An individual's belief in their capacity to execute behaviors necessary to produce specific performance attainments.

Chaining Ability

The capacity to link together a series of actions or learning steps into a coherent and successful sequence.