At a Price of $10, Quantity Demanded Is 30 Units

question 55

Multiple Choice

At a price of $10, quantity demanded is 30 units. When the price rises to $11, quantity demanded is 24 units. What is the absolute price elasticity of demand?

• A) 0.5
• B) 0.43
• C) 2.33
• D) 6.0

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Definitions:

Inattentional Blindness

A psychological phenomenon whereby an individual fails to perceive an unexpected stimulus in plain sight, due to the focus of attention elsewhere.

Selective Attention

The cognitive process of focusing on one particular object or task in the environment while ignoring other irrelevant stimuli.

Blindsight

A condition in which individuals with blindness caused by brain damage can still respond to visual stimuli without consciously perceiving them.

Dual Processing

The principle that our mind operates on two levels: a conscious deliberate level and an unconscious automatic level.