-Using Table 6

question 31

Multiple Choice

-Using Table 6.1, from the 1982-1984 base to 2003, prices increased

• A)84.3%.
• B)84.3 times.
• C)by 84.3 dollars per week on monthly bills.
• D)184.3%.

---

Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price, indicating its sensitivity to price changes.

Specific Excise Tax

A tax levied on a particular good or service, usually based on a fixed amount per unit, such as per liter of alcohol or per pack of cigarettes.

Unitary

A term in economics used to describe a situation where a change in one factor leads to a proportionate change in another factor.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of consumers to price changes.