If Quantity Decreases by 15 Percent When Prices Decrease 5

question 33

Multiple Choice

If quantity decreases by 15 percent when prices decrease 5 percent then elasticity for this product is _____

• A)15.
• B)10.
• C)5.
• D)3.
• E)1.

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Definitions:

Capitalism

An economic framework where capital goods are owned by individuals or companies, with investment decisions made privately, and where the pricing, manufacturing, and distribution of items are primarily governed by the competitive forces within an unrestricted market.

Human Potential

The innate possibilities and capabilities within every individual, which can be developed through growth-focused methods, education, and opportunities.

Alienated

Feeling estranged or separated from one's surroundings, work, products of work, or self, often resulting from structures of power or social isolation.

Industrial Production

The process of using machinery and technology to manufacture goods on a large scale, significantly contributing to economic development.