Use the Midpoint Method to Answer This Question

question 168

Multiple Choice

Use the midpoint method to answer this question. When a good's price increases from $20 to $25 and its quantity demanded decreases from 100 to 75, the elasticity of demand for that good is:

• A) unit elastic.
• B) inelastic.
• C) perfectly inelastic.
• D) elastic.

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Definitions:

Infrastructure

The basic physical and organizational structures and facilities needed for the operation of a society or enterprise, such as buildings, roads, and power supplies.

Testing System

A framework or procedure established to assess qualities, abilities, or performance through examinations or experiments.

Job Evaluations

The systematic process of determining the relative worth of jobs to create a job structure for the organization.

Pay Range

A set span of salaries offered for a specific job, based on factors like experience, skill, and location.