If the Price Elasticity of Demand for a Good Is

question 276

Multiple Choice

If the price elasticity of demand for a good is 1.5,then a 3 percent decrease in price results in a

• A) 0.5 percent increase in the quantity demanded.
• B) 2 percent increase in the quantity demanded.
• C) 4.5 percent increase in the quantity demanded.
• D) 5 percent increase in the quantity demanded.

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Definitions:

Pupils Dilated

A condition where the pupils of the eyes become larger, often in response to low light or certain emotions.

Dual Innervation

The phenomenon where a body part, typically an organ, receives nerve fibers (and thus control) from both the sympathetic and parasympathetic nervous systems.

HVAC System

Heating, Ventilation, and Air Conditioning system that provides heating and cooling to residential and commercial buildings.

Remote Control

A device used to operate another device from a distance, commonly through infrared or wireless connectivity.