If a 1 Percent Change in Price Results in a 5

question 101

Multiple Choice

If a 1 percent change in price results in a 5 percent change in quantity demanded,then

• A)the price elasticity of demand is 5.
• B)the slope of the demand curve is 1/5.
• C)the slope of the demand curve is 5.
• D)the price elasticity of demand is 1/5.
• E)there is not enough information to calculate slope or elasticity.

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Definitions:

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A legal order granted to a creditor, giving them the right to attach a debtor's interest in a partnership or an LLC to satisfy the debt.

RUPA

The Revised Uniform Partnership Act, which provides a legal framework for the operation of partnerships in the United States.

Intent

The state of mind with which an act is done, characterized by a decision to bring about a specific result, often a crucial aspect in both criminal and contract law.

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A legal status where a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership.