If the Price of Textbooks Increases by One Percent and the Quantity

question 54

Multiple Choice

If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent,then demand for textbooks is:

• A)negative.
• B)price inelastic.
• C)price elastic.
• D)perfectly inelastic.

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Definitions:

Somatic Nervous System

The part of the peripheral nervous system that controls voluntary movements of the body and transmits sensory information to the central nervous system.

Neurons

Specific cell types in the nervous system responsible for conveying information through chemical and electrical signals.

Pedaling

The act of operating the pedals of a bicycle, exercise bike, or similar machinery, often to propel it forward or to generate power.

Parasympathetic Nervous System

Part of the autonomic nervous system responsible for rest and digest activities, counterbalancing the sympathetic nervous system.