Ed_t = - 5.This Means That If

question 15

Multiple Choice

Ed_t = - 5.This means that if

• A)P_t increases by 5 percent,then Qd_t will decrease by 1 percent.
• B)Qd_t increases by 5 percent,P_t will decrease by 1 percent.
• C)P_t increases by 1 percent,Qd_t will decrease by 5 percent.
• D)P_t decreases by $1,Qd_t will decrease by 5 units.

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Definitions:

Undisclosed Limitations

Restrictions or constraints on an agreement or condition that are not made known to all parties involved.

Undisclosed Principal

A principal whose identity is unknown by a third party, and that party has no knowledge that the agent is acting for a principal at the time the agent and the third party form a contract.

Tortious Act

A wrongful act or infringement of a right leading to legal liability, not arising from a contract or statute.

Estopped

A legal principle that prevents someone from arguing something contrary to a claim previously made or accepted in court.