Suppose Demand Is Given by Q^d = 1000 - 25P

question 15

Multiple Choice

Suppose demand is given by Q^d = 1000 - 25P and supply is given by Q^s = 75P. At the equilibrium price and quantity, the price elasticity of demand is

• A) -3
• B) -25
• C) -1/3
• D) -10

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Definitions:

Adjustment

is the process of adapting or becoming accustomed to a new condition, situation, or environment.

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The process of acquiring knowledge or skill through study, experience, or teaching, which leads to a permanent change in behavior.

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The process by which new employees learn the values, norms, and required behaviors which permit them to participate as members of an organization.

Observable Indicators

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