Assume the Demand for Electricity,a Necessity with Few Substitutes,is -0

question 111

Multiple Choice

Assume the demand for electricity,a necessity with few substitutes,is -0.2.If the electric company raised its rates by 10 percent,we would expect

• A) a 10 percent decrease in quantity demanded.
• B) a 2 percent increase in quantity demanded.
• C) a 10 percent increase in quantity demanded.
• D) a 2 percent decrease in quantity demanded.
• E) a 5 percent decrease in quantity demanded.

---

Definitions:

Society

A group of individuals involved in persistent social interaction, or a large social group sharing the same geographical or social territory, typically subject to the same political authority and dominant cultural expectations.

Theory

A systematic set of ideas and principles designed to explain certain phenomena or patterns, often forming the basis for further exploration and testing.

Prosumer Capitalism

An economic system where consumers are also involved in the production process, often enabled by digital technology and altering traditional consumer-producer roles.

George Ritzer

An American sociologist recognized for his work on consumerism, globalization, and the theory of McDonaldization of society.