If a 10% Decrease in Price for a Good Results

question 224

Multiple Choice

If a 10% decrease in price for a good results in a 20% increase in quantity demanded,the price elasticity of demand is

• A)0.50.
• B)1.
• C)1.5.
• D)2.

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Definitions:

Talcott Parsons

An American sociologist known for his development of social action theory and for his role in the establishment of the structural-functional approach in sociology.

Adaptation

The process by which individuals, species, or groups adjust to changes in their environment, ensuring survival or improved functionality.

External Context

The surrounding conditions or circumstances external to a specific focus or object of study.

Environment

The surroundings or conditions in which a person, animal, or plant lives or operates, encompassing both natural and built environments.