Suppose Price Decreases from $27

question 72

Multiple Choice

Suppose price decreases from $27.00 to $13.00.Using the mid-point formula,the percentage change in price is:

• A) 0.35 = 35 percent.
• B) 0.7 = 70 percent.
• C) 0.7 = 70 percent
• D) 14 percent.

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Definitions:

Wages

Payments made to workers or employees as compensation for their labor or services.

Prices

The monetary value assigned to goods and services, determined by various factors including supply and demand dynamics.

Institutional Barriers

Obstacles created by cultural, legal, and organizational structures that hinder the progress or implementation of policies or operations.

Wage Flexibility

The ability of wages to adjust to changes in market conditions, including the supply and demand for labor.