If the Price of Cheese Falls by One Percent and the Quantity

question 79

Multiple Choice

If the price of cheese falls by one percent and the quantity demanded rises by 3 percent,then the price elasticity of demand for cheese has a value of:

• A)30.
• B)0.30.
• C)0.333.
• D)3.

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Definitions:

Socialism

An economic system in which the government owns and operates basic industries but individuals own most businesses.