If the Price of a DVD Decreases by 50 Percent,the

question 76

Multiple Choice

If the price of a DVD decreases by 50 percent,the quantity demanded increases by 75 percent.The price elasticity of demand is:

• A)1.5 and is elastic.
• B)1.5 and is inelastic.
• C)0.67 and is elastic.
• D)0.67 and is inelastic.

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Definitions:

Major Product

The primary product of a chemical reaction that is formed in the greatest quantity compared to other products.

Phthalic Acid

An aromatic dicarboxylic acid, with formula C6H4(CO2H)2, it is used as a precursor to other chemicals such as dyes, perfumes, and plastics.

Acid Derivative

A compound obtained by replacing one or more of the hydroxyl groups of an acid with an organic group.

Anhydride

A compound formed from the removal of water molecules between two carboxylic acid molecules.