If a 10% Decrease in the Price of Good Leads

question 100

Multiple Choice

If a 10% decrease in the price of good leads to a 20% increase in the quantity demanded of that good,the price elasticity of demand for that good would be:

• A)½.
• B)2.
• C)10.
• D)20.

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Definitions:

PDCA Cycle

A four-step management method used for the control and continuous improvement of processes and products, standing for Plan-Do-Check-Act.

Develop

The process of improving or enlarging an entity, concept, or skill set through education, training, or experience leading to growth and advancement.

Control

The process by which an organization ensures that activities are being executed according to plan and adjusts as necessary to achieve objectives.

Authorize

To officially empower someone or grant permission for something to happen.