If the Price Elasticity of Demand for a Good Is

question 268

Multiple Choice

If the price elasticity of demand for a good is 0.8,then which of the following events is consistent with a 4 percent decrease in the quantity of the good demanded?

• A) a 0.2 percent increase in the price of the good
• B) a 3.2 percent increase in the price of the good
• C) a 4.8 percent increase in the price of the good
• D) a 5 percent increase in the price of the good

Understand and implement effective test preparation strategies.

Develop strategies to manage test anxiety.

Enhance exam-taking skills, including time management and question analysis.

Improve note-taking and review skills to support exam preparation.

---

Definitions:

Crowdsourcing

A sourcing model in which individuals or organizations obtain goods and services, including ideas, voting, or funding, from a large, relatively open, and often rapidly-evolving group of internet users.

Contracting

Engaging in a formal agreement between two or more parties, often related to employment, services, or sales.

Solution Evaluation

The process of assessing the viability, effectiveness, and potential impact of proposed solutions to a problem.

Information Search

The process of seeking out data, facts, and resources to inform decision-making or understand a particular subject or problem.