If the Absolute Price Elasticity of Demand for Automobiles Is

question 132

Multiple Choice

If the absolute price elasticity of demand for automobiles is equal to 1.25, we say

• A) that demand is elastic.
• B) that demand is inelastic.
• C) that there is a strong responsiveness of quantity demanded to automobiles price cuts.
• D) none of the above is correct.

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Definitions:

Toolmaker

An individual or entity that designs and manufactures tools, often with precision, for various purposes including construction, manufacturing, and technology.

Fossil Record

The collection of all known fossils and their placement in rock formations and sedimentary layers, which provides evidence about the history of life on Earth.

Homo Habilis

An extinct species of early human that lived approximately 2.4 to 1.4 million years ago, known for its use of simple stone tools.

Homo Erectus

An extinct species of hominid that lived throughout most of the Pleistocene geological epoch, known for being one of the first early humans to have a stature similar to that of modern humans and to use fire.