If the Price Elasticity of Demand for a Good Is

question 15

Multiple Choice

If the price elasticity of demand for a good is 6,then a 3 percent decrease in price results in

• A)a 20 percent increase in the quantity demanded.
• B)an 18 percent increase in the quantity demanded.
• C)a 2 percent increase in the quantity demanded.
• D)a 1.8 percent increase in the quantity demanded.

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Definitions:

Labour unions

Organizations formed by workers from related fields that work for the betterment of their members' working conditions, wages, and benefits.

Occupational groups

Categories of jobs that are similar in terms of the tasks, duties, and responsibilities they entail, often used in the study of careers and labor markets.

Organic solidarity

A concept in sociology that describes the social cohesion based on the interdependence of individuals in advanced, industrial societies, as opposed to the similarities in a more traditional society.

Door to door sales

The direct selling of products or services to consumers at their residences without prior invitation or appointment.