Assume That Demand Decreases by 3 Percent, the Absolute Value

question 177

Multiple Choice

Assume that demand decreases by 3 percent, the absolute value of price elasticity of demand is 1.0, and price elasticity of supply is 1.0. What is the percentage price change in this case?

• A) -1.5
• B) -0.5
• C) 0.5
• D) 1.5

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Definitions:

Rock Types

Categories into which rocks are classified based on their formation process, including igneous, sedimentary, and metamorphic rocks.

Pluton

A pluton is a body of intrusive igneous rock that crystallized from magma slowly cooling below the surface of the Earth, often forming the core of mountains.

Sedimentary Unit

A layer of sedimentary rock with distinct physical, chemical, or biological characteristics that distinguish it from adjacent layers.

Overlapping

The placement of objects over one another, often used to describe geological layers that cover part of each other.