If the Price Elasticity of Demand for Aluminum Foil Is

question 94

Multiple Choice

If the price elasticity of demand for aluminum foil is 1.45,then a 2.4% decrease in the price of aluminum foil will increase the quantity demanded of aluminum foil by

• A)1.66%,and aluminum foil sellers' total revenue will increase as a result.
• B)1.66%,and aluminum foil sellers' total revenue will decrease as a result.
• C)3.48%,and aluminum foil sellers' total revenue will increase as a result.
• D)3.48%,and aluminum foil sellers' total revenue will decrease as a result.

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Definitions:

Longitudinal Study

A research approach that involves repeated observations of the same variables over long periods, often decades, to detect patterns, changes, and possible predictions.

Double-Blind

An experimental procedure in which neither the subjects of the experiment nor the persons administering the experiment know the critical aspects of the experiment, to prevent bias.

Single-Blind

A study or experiment design where only the participants are unaware of which group (experimental or control) they belong to, preventing bias in their responses.

Cross-Sectional

A research method that involves analyzing data from a population at a specific point in time to identify patterns or relationships.