If a 50 Percent Increase in the Price of Pizza

question 117

Multiple Choice

If a 50 percent increase in the price of pizza results in a 25 percent decrease in the quantity demanded of pizza,then the elasticity of demand for pizza:

• A)is equal to 0.5 and demand is inelastic.
• B)is equal to 0.5 and demand is elastic.
• C)is equal to 2 and is elastic.
• D)is equal to 2 and is inelastic.
• E)cannot be determined from the information provided.

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Definitions:

Personality Disorders

A group of mental disorders characterized by enduring maladaptive patterns of behavior, cognition, and inner experience, exhibited across many contexts and deviating from those accepted by the individual's culture.

Impaired Social Interaction

Difficulty engaging in normal or expected social connections with others, affecting an individual's ability to communicate and interact effectively.

Schizophrenia

A chronic and severe mental disorder characterized by distortions in thinking, perception, emotions, language, sense of self, and behavior.

Schizotypal Personality Disorder

A mental disorder characterized by severe social anxiety, thought disorder, peculiar behavior and beliefs, and a lack of close relationships.