If the Price Elasticity of Demand for a Product Is

question 10

Multiple Choice

If the price elasticity of demand for a product is 2.3,this means that quantity demanded will increase by _______ for each _______ decrease in price,ceteris paribus.

• A) 1 percent;2.3 percent
• B) 1 unit;$2.30
• C) 2.3 percent;1 percent
• D) 2.

---

Definitions:

Grocery Item

A product that is typically sold in a supermarket or grocery store, ranging from food to household supplies.

Development

Refers to the process of growth, progress, or improvement in a particular area, such as personal, social, or economic development.

Training

The process of enhancing the skills, capabilities, and knowledge of employees for doing a particular job.

Future-oriented

Relates to strategies or perspectives that focus on anticipations, trends, and planning for long-term future developments.