If the Absolute Value of the Own-Price Elasticity of Steak

question 53

Multiple Choice

If the absolute value of the own-price elasticity of steak is 0.4, a decrease in price will lead to:

• A)a reduction in total revenue.
• B)an increase in total revenue.
• C)no change in total revenue.
• D)none of the statements associated with this question are correct.

---

Definitions:

Annual Food Budget

An annual food budget refers to the total amount of money allocated for the purchase of food over the course of a year.

Personal Responsibility

The idea that individuals are responsible for their own actions and consequences, emphasizing accountability and self-reliance.

Work Opportunity Act

Legislation aimed at increasing job opportunities for individuals, often focusing on providing skills and training to the unemployed or underemployed.

Poverty Rate

A measure indicating the percentage of the population whose income falls below the threshold considered necessary for basic living conditions.