If the Price Elasticity of Demand for Apples Is 0

question 155

Multiple Choice

If the price elasticity of demand for apples is 0.8,then a 2.4% increase in the price of apples will decrease the quantity demanded of apples by

• A)1.92%,and apples sellers' total revenue will increase as a result.
• B)1.92%,and apples sellers' total revenue will decrease as a result.
• C)3%,and apples sellers' total revenue will increase as a result.
• D)3%,and apples sellers' total revenue will decrease as a result.

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Definitions:

Flexible/Rigid

A characteristic describing the adaptability and openness to change (flexible) versus resistance to change and strict adherence to rules without compromise (rigid).

Stable/Unstable

Refers to the degree of consistency or variability in a system's state or performance over time.

Global/Specific

Pertains to general or worldwide aspects when used in the context of 'global,' whereas 'specific' refers to particular, detailed instances or examples.

Internal/External

Terms related to the sources of influence or causes; internal refers to factors within a person, while external refers to factors outside of an individual.