If the Price of a Good Is Increased by 15

question 118

Multiple Choice

If the price of a good is increased by 15 percent and the quantity demanded falls by 20 percent, the price elasticity of demand is:

• A) price elastic.
• B) price inelastic.
• C) unit price elastic.
• D) normal.

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Definitions:

High-altitude Areas

Regions situated at a high elevation above sea level, often characterized by thinner air and cooler climates.

Cultural Syndrome

Patterns of behavior, beliefs, and values that are characteristic of a specific culture, and that influence individual behaviors and perceptions.

Shared Attitudes

Common beliefs or opinions held by a group of people that influence their behaviors and perceptions.

Geographic Region

A specific area or section of space that is identified or defined by its natural or human-made characteristics.