Suppose the Own Price Elasticity of Demand for Good X

question 119

Multiple Choice

Suppose the own price elasticity of demand for good X is −0.5,and the price of good X increases by 10 percent.We would expect the quantity demanded of good X to:

• A) increase by 5 percent.
• B) increase by 20 percent.
• C) decrease by 5 percent.
• D) decrease by 20 percent.

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Definitions:

Passive Construction

In grammar, a sentence structure where the subject undergoes the action of the verb, often resulting in a shift of focus from the doer to the receiver of the action.

Sentences

A set of words that are put together to mean something.

Repetition

The act of doing or saying something multiple times in order to learn, memorize, emphasize, or achieve proficiency.

Rehearsal

The cognitive process of repeatedly practicing material or information to improve memory retention and recall.