The percentage change in quantity demanded that results from a 1 percent change in price is known as the:
A. price elasticity of supply.
B. cross-price elasticity of demand.
C. price elasticity of demand.
D. income elasticity of demand.
Answer: C
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In 1972, one could buy model rocket engines for $1.50 each. If those same engines cost $2.50 each today, then which pair of CPIs would make the engine prices in today's dollars the same for both years?
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