Refer to the Accompanying Graph

question 102

Multiple Choice

Refer to the accompanying graph. What is the price elasticity of demand when the price of rice is $3 per pound?

• A)0.5
• B)0.67
• C)0.75

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Definitions:

Centralization

The concentration of control or authority in the hands of a central government, organization, or individual.

Decentralized

The distribution of functions, powers, or people away from a central location or authority, often applied in contexts such as government, technology, and organizational structures.

Organizational Structure

Describes the system of task, workflow, reporting, and authority relationships within a company; it determines how the roles, power, and responsibilities are assigned, controlled, and coordinated, and how information flows between the various levels of an organization.

Power To Make Decisions

The authority or capacity to determine actions or policies within an organization or personal scope.