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

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Definitions:

Optic Nerve

A nerve that transfers sight-related information from the retina to the brain.

Macular Degeneration

A disease that deteriorates the central portion of the retina, leading to loss of central vision.

Intraocular Pressure

The fluid pressure inside the eye, crucial for maintaining the shape of the eye and proper functioning of the visual system.

Refractory Error

Visual impairments caused by the eye's inability to focus light directly on the retina, resulting in blurred vision.