Suppose the Price Elasticity of Demand for Apples Is 2

question 86

Multiple Choice

Suppose the price elasticity of demand for apples is 2.3 and the price elasticity of demand for housing is .65.In comparing price elasticities of demand,it is proper to say that the demand for apples is

• A)inelastic; for housing it is elastic.
• B)more elastic than the demand for housing.
• C)more inelastic than the demand for housing.
• D)more than three times as inelastic as the demand for housing.
• E)less elastic than the demand for housing.

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Definitions:

Fertile

Capable of reproducing or causing reproduction, often used in reference to soil quality or the reproductive capability of living organisms.

Affluent

Refers to individuals or areas that are financially well-off, possessing considerable wealth or resources.

Evolutionary Perspective

A theory in psychology that examines human thoughts and behaviors in terms of natural selection and survival mechanisms.

Biologically Predisposed

Having an innate tendency or susceptibility to certain conditions, behaviors, or responses based on genetic factors.