The Price of Good X Increases from $55 to $60

question 185

Multiple Choice

The price of good X increases from $55 to $60, and quantity demanded decreases from 500 to 400. The price of good Y increases from $55 to $60, and quantity demanded decreases from 500 to 475. Given this information, the:

• A) consumers who buy good X are less sensitive to price changes than consumers who buy good Y.
• B) demand curve for good X is less elastic than the demand curve for good Y.
• C) demand curve for good X is more elastic than the demand curve for good Y.
• D) demand curves for good X and good Y violate the law of demand.

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Definitions:

Task Interdependencies

The extent to which tasks in a project or within an organization rely on each other for resources, information, or completion.

False Sense

An incorrect understanding or impression of a situation or concept.

Cooperative

Describes actions or systems that work jointly towards a common goal or benefit.

Unassertive

Characterized by a lack of self-confidence or forcefulness in asserting one's views, rights, or needs.