If Price Elasticity Is 3.25, Then Demand Is

question 14

Multiple Choice

If price elasticity is 3.25, then demand is

• A)inelastic.
• B)elastic.
• C)unitary.
• D)negative.

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Definitions:

Natural Gas

A fossil fuel formed from plants and animals buried under the Earth's surface and exposed to extreme heat and pressure over millions of years.

Cross-Price Elasticity

A measure of how the quantity demanded of one good changes in response to a change in the price of another good.

French Fries And Onion Rings

Often served as side dishes in fast food and diners, they are popular fried food items made from potatoes and onions, respectively.

Hockey Pucks And Hockey Sticks

Items used in the sport of hockey, with the puck being the object teams attempt to score with, and the stick used to hit the puck.