When the Price of Good a Is $50,the Quantity Demanded

question 295

Multiple Choice

When the price of good A is $50,the quantity demanded of good A is 500 units.When the price of good A rises to $70,the quantity demanded of good A falls to 400 units.Using the midpoint method,

• A) the price elasticity of demand for good A is 1.50,and an increase in price will result in an increase in total revenue for good A.
• B) the price elasticity of demand for good A is 1.50,and an increase in price will result in a decrease in total revenue for good A.
• C) the price elasticity of demand for good A is 0.67,and an increase in price will result in an increase in total revenue for good A.
• D) the price elasticity of demand for good A is 0.67,and an increase in price will result in a decrease in total revenue for good A.

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Definitions:

Defensive Self-esteem

A type of self-esteem characterized by a fragile sense of self that is highly vulnerable to external criticism and challenges, often leading to defensive reactions.

Rewards

Incentives or benefits given in response to an action or behavior, intended to reinforce or increase the likelihood of that behavior.

Productivity

The efficiency at which goods or services are produced, often measured as the amount of output per unit of input (like labor, time, or materials).

Passive

A state or quality of acceptance or submission without active response or resistance.