If the Price Elasticity of Demand for a Product Is

question 169

Multiple Choice

If the price elasticity of demand for a product is 2.5,then a price increase of 1.5 percent decreases the quantity demanded by

• A) 1.55 percent.
• B) 3.50 percent.
• C) 5.00 percent.
• D) 3.75 percent.
• E) 1.00 percent.

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Definitions:

Normal Fault

A fault in which the hanging wall moves down relative to the footwall.

Reverse Fault

A fault in which the hanging wall moves up relative to the footwall.

Joint

A fracture in a rock where the rock has been pulled apart slightly without significant displacement parallel to the fracture.

Anticlines

Upward folds or arches of rock layers, often associated with oil and natural gas deposits.