If a 10 per cent increase in the price of good A results in a 5 per cent reduction in the quantity of A demanded, then the price elasticity of the demand for A is more than one.

The price elasticity of the demand for steak will be greater than the price elasticity of demand for meat (ie all types of meat).

In a mixed economy, society answers the what, how, and for whom questions through a free-market system only.

In a mixed system, the economic problem is solved through a combination of efforts by the public and private sectors.