If the Price of a Good Rises by 10% and the Percentage

question 80

Multiple Choice

If the price of a good rises by 10% and the percentage decrease in the total amount consumers spend on the good is 15% then the good is

• A)elastic.
• B)inelastic.
• C)unit elastic.
• D)perfectly inelastic.

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Definitions:

Unsecured Credit

Credit that is issued and supported only by the borrower's creditworthiness, without any collateral.

Commercial Context

Refers to situations, activities, or transactions that are related to the commercial or business sector.

Mechanic's Lien

is a legal claim against a property for unpaid construction work or supplies, giving workers and suppliers a form of security for their investment.

Priority

In legal and financial contexts, it refers to the order of precedence in rights, claims, access, or treatment.