Multiple Choice
A given percentage rise in the price of a good is likely to result in a larger percentage decrease in the quantity of the good demanded
A) the shorter the passage of time since the price change.
B) the larger the proportion of income spent on it.
C) the more difficult it is to obtain good substitutes.
D) the lower the price.
E) all of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q49: The demand for a good is price
Q50: When the price of a box of
Q51: Use the table below to answer the
Q52: There is an increase in the price
Q53: When the price of a DVD is
Q55: If an increase in the supply of
Q56: The demand for orange juice is price
Q57: For which one of the following will
Q58: A good has a price elasticity of
Q59: When price rises from $1.50 to $2.50