Which of the Following Statements About the Price Elasticity of Demand

question 207

Multiple Choice

Which of the following statements about the price elasticity of demand is correct?

• A)The elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good.
• B)The absolute value of the elasticity of demand ranges from zero to one.
• C)Demand is more elastic in the long run than it is in the short run.
• D)Demand is more elastic the smaller the percentage of the consumer's budget the item takes up.

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Definitions:

Active Transport

The movement of molecules across a cell membrane from a region of lower concentration to a region of higher concentration, requiring energy in the form of ATP.

Distal Convoluted Tubule

A portion of the nephron in the kidney where salt and water balance are regulated, and certain substances are reabsorbed into the blood.

Glucose

A basic form of sugar that serves as a crucial source of energy in living beings and forms a part of various carbohydrates.

Reabsorbed

The process by which substances are taken back into the bloodstream from the kidneys or other organs during filtration.