If the Price of a Good Increases by 10 Percent,its

question 65

Multiple Choice

If the price of a good increases by 10 percent,its quantity demanded drops by 50 percent.The price elasticity of demand is:

• A) 1.0
• B) 0.2
• C) 5.0
• D) 2.0

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Definitions:

Workforce

The collective group of individuals engaged in work within an organization or the labor pool in a particular area or economy.

Deregulation

The process of removing or reducing government restrictions and rules from industries to promote competition and efficiency.

Technology Improvements

Enhancements and advancements in technological tools, systems, and methods that increase efficiency, productivity, or capabilities.

National Borders

Geographical boundaries established by countries to define their territorial limits and control over resources, security, and migration.