If the Price of Cell Phones Increases by 5 Percent

question 48

Multiple Choice

If the price of cell phones increases by 5 percent and the quantity demanded falls by 2 percent,the absolute value of the price elasticity of demand is

• A)5.0.
• B)0.4.
• C)2.1.
• D)5 percent.

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Definitions:

DSM-5

The Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition, a comprehensive classification of mental disorders published by the American Psychiatric Association.

Anxiousness

An emotion of concern, apprehension, or discomfort regarding an event whose result is not yet known.

Obsessive-compulsive Personality Disorder

A personality disorder characterized by preoccupation with orderliness, perfectionism, and control, at the expense of flexibility, openness, and efficiency.

Obsessively Clean

Refers to an extreme focus on cleanliness and orderliness, often beyond what is considered normal or healthy.