If the Price of a Good Increases by 20% and That

question 72

Multiple Choice

If the price of a good increases by 20% and that leads to a decrease in quantity demanded by 60%,what is the price elasticity of demand for that good?

• A)30.
• B)3.
• C)1/3.
• D)1/6.

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Efficiency

The effectiveness with which resources are used to achieve a desired outcome, maximizing outputs from given inputs without waste.

Transferable Rights

Rights that can be assigned or transferred from one party to another.

Pollution

The presence or introduction into the environment of contaminants that cause harm or discomfort to organisms and the environment.

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The organization or system through which a community or nation is governed and regulated.