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Suppose the Price Elasticity of Demand of for Soy Beans

question 25

Multiple Choice

Suppose the price elasticity of demand of for soy beans is 0.85.When the price of soybeans rises by 20 percent,the quantity demanded of soybeans falls by approximately _____________ percent.


Definitions:

Polygyny

A marriage form in which a man is married to two or more women at the same time; a form of polygamy.

Man

A term often used to refer to adult human males, but also used generically to denote human beings regardless of sex or age.

One Wife

A marital practice where an individual is married to a single spouse at a time, also known as monogamy.

Patrilateral Parallel-cousin

A type of kinship relationship where children of a father's brother or a mother's sister are considered close relatives, often seen in cultures with strong patrilineal descent.

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