Assume That Demand for a Service Depends Upon Price and Income

question 3

Multiple Choice

Assume that demand for a service depends upon price and income, where the price elasticity of demand is EP = -0.6 and income elasticity is EY = 1.2. If price falls by 4% and income rises by 2%, the quantity demanded of the service will _____.

• A) not be affected as the change in price will cancel the change in income
• B) increase by 6%
• C) increase by 4.8%
• D) decrease by 9.6%
• E) decrease by 2.4%

Familiarize with hardware and networking protocols and standards that facilitate the sharing of resources and connections.

Understand the basic principles and key provisions of the Competition Act.

Differentiate between various types of restrictive trade practices and their implications.

Recognize the legal consequences of misleading or false advertising under the Competition Act.

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Definitions:

Revocation Of Wills

The legal process by which a testator cancels or invalidates their will or a portion thereof.

Physical Destruction

Physical destruction refers to the deliberate dismantling or ruining of objects, infrastructure, or property through various means like demolition or natural disasters.

Operation Of Law

A legal term that indicates a transfer or alteration of rights or obligations occurs automatically due to predetermined legal rules, rather than actions by the party involved.

Constructive Trustee

A person appointed by a court to hold and manage assets for the benefit of another, typically due to wrongful possession or acquisition of those assets.