Multiple Choice
If a $1 increase in price changes quantity demanded by 4 units, the price elasticity of demand
A) must equal 0.25 percent.
B) must equal 4 percent.
C) must equal 1/4.
D) cannot be calculated with this information.
E) must equal 4.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q32: The price elasticity of demand is negative
Q33: A product has elastic demand if, when
Q34: Total revenue decreases if price increases and
Q35: If a good is considered to be
Q36: Consider two demand curves with different slopes.
Q38: Which of the following is a characteristic
Q39: Calculate the price elasticity of demand if
Q40: Suppose that the price of product B
Q41: Rent control for apartments in New York
Q42: Suppose the government sets beef prices, which