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:

Data

Quantitative or qualitative information collected for reference or analysis.

Standard Deviation

A parameter that indicates the level of dispersion or variability within a collection of data points.

Data

Factual information, especially measurements or research results, used as a basis for reasoning, discussion, or calculation.

Standard Deviation

An indicator that quantifies the extent of spread or deviation of a collection of values from their average.