The Percentage Change in Quantity Demanded That Results from a 1

question 46

Multiple Choice

The percentage change in quantity demanded that results from a 1 percent change in price is known as the:

• A)price elasticity of supply.
• B)price elasticity of demand.
• C)income elasticity of demand.
• D)cross-price elasticity of demand.

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Definitions:

Geometric Mean

The average of a set of numbers or quantities, computed by taking the nth root of the product of the numbers.

Mode

The value that appears most frequently in a data set, a measure of central tendency.

Variance

A measure of the dispersion or spread of a set of data points, calculated as the average of the squared differences from the mean.

Central Tendency

A statistical measure that identifies a single value as representative of the middle of a dataset, commonly the mean, median, or mode.