If a Price Increase from $20 to $40 Causes Quantity

question 95

Multiple Choice

If a price increase from $20 to $40 causes quantity demanded to decrease from 100 units to 50 units,one can conclude that demand for the product is _____.

• A)inelastic
• B)elastic
• C)perfectly inelastic
• D)infinitely elastic
• E)unit-elastic

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Definitions:

Michael Reaction

A conjugate 1,4-addition reaction of a carbon nucleophile to an α,β-unsaturated carbonyl compound.

α,β-unsaturated Carbonyl

An organic compound with a double bond between the alpha and beta carbon atoms adjacent to a carbonyl group, participating in various chemical reactions.

PhCOCH

A general formula shorthand for compounds where a benzene ring (indicated by Ph, standing for phenyl) is attached to a carbonyl group (CO) and an additional unspecified group (CH), leading to a variety of possible chemical structures.

Cyclopentanecarboxylic Acid

A cycloalkane derived carboxylic acid, with the carboxyl group attached to a five-membered ring.