If a 10 Percent Increase in the Price of Tomatoes

question 69

True/False

If a 10 percent increase in the price of tomatoes leads to a 20 percent decrease in quantity demanded, then the price elasticity of demand for tomatoes, , equals 2.

---

Definitions:

Participants

Individuals who take part in a study, survey, or experiment, often contributing data or responses to research.

APA Ethics Guidelines

A set of principles designed by the American Psychological Association to guide conduct in psychology, ensuring integrity, professional competence, and respect.

Altruism

The principle or practice of selfless concern for the well-being of others, often at a cost to oneself.

Validity

The extent to which a concept, conclusion or measurement is well-founded and likely corresponds accurately to the real world.