If the Price Elasticity of Demand for a Good Is

question 64

Multiple Choice

If the price elasticity of demand for a good is 0.2,then a 3 percent decrease in price results in a

• A)0.6 percent increase in the quantity demanded.
• B)1.5 percent increase in the quantity demanded.
• C)2 percent increase in the quantity demanded.
• D)6 percent increase in the quantity demanded.

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Definitions:

Internet Gambling

Engaging in the act of betting or placing stakes on games of chance via the internet.

Tax Revenue

The income that is gained by governments through taxation, which is used to fund public services and government obligations.

Organized Crime

Crime committed by structured groups typically involving the provision of illegal goods and services.

Internet Gambling

Placing bets or wagers on games of chance or skill, typically using the internet or other forms of digital communication.