If a One Percent Increase in the Population Leads to a Five

question 14

Multiple Choice

If a one percent increase in the population leads to a five percent increase in the quantity sold,an economist would claim

• A) the good is elastic with respect to population.
• B) the good is inelastic with respect to population.
• C) the good is a fad.
• D) consumers are misinformed about the quality of the product.

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Definitions:

Expression

A combination of numbers, variables, and operators (such as +, –, ×, ÷) that represents a quantity.

Simplify

The process of altering an expression into its most basic form or version, usually by combining like terms and applying mathematical operations.

Expression

A combination of symbols that represents a quantity or a relationship between quantities in mathematics or computer programming.

Rationalize

The process of modifying an expression to eliminate radicals from the denominator or complex numbers from the denominator of a fraction.