If the Elasticity of Demand for Good a Is -3

question 52

Multiple Choice

If the elasticity of demand for Good A is -3, a 33% decrease in quantity demanded of Good A results from a(n) :

• A) 99% decrease in the price of Good A.
• B) 99% increase in the price of Good A.
• C) 11% decrease in the price of Good A.
• D) 11% increase in the price of Good A.
• E) 33% decrease in the price of Good A.

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Definitions:

Population

A group of individuals of the same species living in a specific area who interbreed, or a statistical total in demographic or research terms.

Meta-Analysis

A statistical analysis that combines the results of multiple scientific studies on the same topic to derive conclusions based on the whole body of research.

Small Trends

Minor or emerging patterns in data, behavior, or societal changes that may indicate the beginning of a new development or phenomenon.

Falsifiable Theory

A theory or hypothesis that can be proven wrong through experimentation or observation, an essential criterion for scientific validity.