If the Price of Gasoline Goes Up by 50% and the Quantity

question 338

Multiple Choice

If the price of gasoline goes up by 50% and the quantity demanded goes down by 25%, the absolute value of the price elasticity of demand is

• A) 0.25.
• B) 0.50.
• C) 0.75.
• D) 1.00.

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Definitions:

Smooth Endoplasmic Reticulum

A cellular organelle involved in lipid synthesis, detoxification, and calcium ion storage, lacking attached ribosomes.

Secretory Vesicle

Membrane-bound sacs within cells that store and transport substances which are to be secreted or released.

Microtubule

Hollow tube composed of tubulin, measuring approximately 25 nm in diameter and usually several micro meters long. Helps provide support to the cytoplasm of the cell and is a component of certain cell organelles, such as centrioles, spindle fibers, cilia, and flagella.

Lysosomes

Organelles in cells that contain enzymes used to break down and recycle cellular debris and foreign substances.