If the Price of Hairbrushes Decreases by 20 Percent,the Quantity

question 43

Multiple Choice

If the price of hairbrushes decreases by 20 percent,the quantity demanded increases by 2 percent.the price elasticity of demand is:

• A)0.1,and is elastic.
• B)10 and is elastic.
• C)0.1 and is inelastic.
• D)10 and is inelastic.

---

Definitions:

Welfare Banks

Financial institutions or programs that aim to support the economically disadvantaged segments of society, though it's not a widely used term and may refer to various initiatives in different contexts.

Check-Cashing Outlets

Financial service providers that offer clients the ability to cash checks for a fee without needing a bank account.

Pay a Fee

The act of making a payment for a service or the right to engage in a particular activity, typically set at a fixed rate by the service provider or regulating authority.

Fractional Reserve

A banking system in which banks hold reserves that are less than the amount of their customers' deposits, allowing them to lend out the majority of deposited funds.