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
A) 0.024
B) 26.67
C) 23.53
D) 17.00
D
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A unique feature of an oligopolistic industry is
A. large number of producers. B. standardized products. C. mutual interdependence. D. low barriers to entry.
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What will be an ideal response?
The simple circular flow model shows that workers and capital owners offer their services to firms through the
What will be an ideal response?
The upward slope of the short-run aggregate supply curve is based on the assumption that ________.
A. prices of inputs are flexible while prices of outputs are fixed B. wages and other resource prices do respond to price level changes C. prices of output do not respond to price level changes D. wages and other resource prices do not respond to price level changes