If We Ignore the Negative or Positive Sign,the Midpoint Method

question 32

Multiple Choice

If we ignore the negative or positive sign,the midpoint method of calculating a percentage change in price between two points on a demand curve results in

• A) a smaller percentage change if the price rises than if it falls.
• B) the same percentage, regardless of whether the price increases or decreases.
• C) the price elasticity of demand.
• D) the price elasticity of supply.
• E) a higher percentage change if the price rises than if it falls.

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Definitions:

Quantitative

Relating to, measuring, or measured by the quantity of something rather than its quality.

Epistemological

Pertaining to the theory of knowledge, including the methods, validity, and scope of understanding.

Ontological

Pertaining to the nature of being, existence, or reality, often considered within the branch of metaphysics dealing with the nature of what is.

Axiological

Relating to the branch of philosophy dealing with values, including those in ethics and aesthetics, as it pertains to research.