Suppose That the Quantity Demanded of a Good Rises from 40

question 104

Multiple Choice

Suppose that the quantity demanded of a good rises from 40 units to 60 units per month when the price falls from $1.05 to 95 cents per unit.The price elasticity of demand for this product is

• A)0.5.
• B)1.0.
• C)1.5.
• D)2.0.
• E)4.0.

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Definitions:

Howard Gardner

An American cognitive psychologist who introduced the theory of multiple intelligences, emphasizing that individuals have distinct kinds of intelligences such as linguistic, logical-mathematical, and musical.

Major Parts

Essential components or sections that make up a whole structure, system, or object.

Triarchic Theory

A theory of intelligence that posits three aspects of intelligent behavior: analytical, creative, and practical intelligence, as formulated by psychologist Robert J. Sternberg.

Analytical Intelligence

The aspect of intelligence that involves the ability to analyze, evaluate, judge, compare, and contrast.