If the Absolute Value of the Price Elasticity of Demand

question 169

Multiple Choice

If the absolute value of the price elasticity of demand for aspirin equals 0.8 then

• A)aspirin is a normal good.
• B)the demand for aspirin is inelastic.
• C)aspirin has few substitutes.
• D)the demand for aspirin is elastic.

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Definitions:

National Consumers League

An American consumer organization founded in 1899, dedicated to promoting economic and social justice for consumers and workers in the United States.

Susan B. Anthony

Susan B. Anthony was a prominent American civil rights leader who played a pivotal role in the women's suffrage movement to secure women's voting rights.

Florence Kelley

A social and political reformer known for her work against sweatshops and for child labor laws in the United States.