If the Absolute Price Elasticity of Demand Is Equal to 1

question 223

Multiple Choice

If the absolute price elasticity of demand is equal to 1 in the short run, then in the long run, other things being equal, the absolute price elasticity of demand will be

• A) less than one.
• B) less than zero.
• C) greater than one.
• D) equal to zero.

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Definitions:

Cerebral Cortex

The outer layer of the brain, involved in complex functions such as thought, perception, and memory.

Hypothalamus

A region of the brain responsible for the regulation of certain metabolic processes and other activities of the autonomic nervous system, including temperature, hunger, and thirst regulation.

Thalamus

A vital brain structure acting as the main relay station between the cerebral cortex and the rest of the nervous system.

Cerebellum

A major structure of the brain located at the back of the skull, vital for coordinating voluntary movements and maintaining posture and balance.