If the Price of a Good Decreases by 10% and the Quantity

question 132

Multiple Choice

If the price of a good decreases by 10% and the quantity demanded increases by 10%, then at that price, the good is

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

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Definitions:

Great Depression

A severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.

Racism

Racism is the belief that a visible characteristic of a group, such as skin color, indicates group inferiority and justifies discrimination.

Poverty

A state or condition in which a person or community lacks the financial resources and essentials for a minimum standard of living.

Income Gap

The disparity in the distribution of income within a population, typically between different socio-economic groups.