An Elasticity of 1

question 21

Multiple Choice

An elasticity of 1.5 means that a 1% change in price will lead to a _____% change in quantity demanded.

• A)0.5
• B)1.0
• C)1.5
• D)3.0
• E)15

---

Definitions:

Skilled Technicians

Individuals who have acquired specialized abilities and knowledge in a particular field or trade.

Initial Assessment

The first step in the process of evaluating or analyzing someone or something's current situation, needs, or conditions.

Working Relationship

A professional and cooperative connection between individuals, such as a therapist and client, aimed at achieving specific goals.

Explore Key Issues

The process of examining important matters or problems in detail to understand or resolve them.