If a One Percent Change in the Price of Oil

question 38

Multiple Choice

If a one percent change in the price of oil causes a 0.02 percent change in the quantity demanded of oil,then 0.02 is the

• A) price elasticity of demand.
• B) price elasticity of supply.
• C) cross-price elasticity of demand.
• D) income elasticity of demand.

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Definitions:

Acetone

A volatile, flammable, and colorless liquid commonly used as a solvent and in the production of chemicals.

Predict Structure

The process of determining the likely arrangement of atoms within a molecule based on principles of chemistry and physics.

Necessary Reagents

Chemical substances or compounds that are required to initiate or drive a particular chemical reaction.

Crossed Claisen Condensation

A reaction between different esters or an ester and a carbonyl compound under basic conditions to form a β-keto ester or a β-diketone.