A Men's Tie Store Sold an Average of 30 Ties

question 6

Multiple Choice

A men's tie store sold an average of 30 ties per day when the price was $5 per tie but sold 50 of the same ties per day when the price was $3 per tie.Hence, the absolute value of the price elasticity of demand is:

• A) greater than zero but less than 1.
• B) equal to 1.
• C) greater than 1 but less than 3.
• D) greater than 3.

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Definitions:

Carcinogens

Substances or exposures that are directly involved in causing cancer.

Aldehydes

A class of organic compounds obtained from alcohol by oxidation and also found in cigarette smoke; they cause mutations and are related to the development of cancer.

Tars

Complex chemical substances resulting from the burning or combustion of organic material, often associated with smoking.

Stimulant

Substances that increase physiological or nervous activity in the body, often enhancing alertness, attention, and energy.