Multiple Choice
You raised the price of your good by 40% and the quantity demanded declined by 20%. Demand is:
A) elastic.
B) inelastic.
C) unitary elastic
D) completely elastic
E) completely inelastic
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q52: If the absolute value of the price
Q53: A firm just increased the selling price
Q54: The marketing department of a firm that
Q55: If the increase in the dollar volume
Q56: The price of product X has just
Q58: Given the demand function Q<sub>X</sub> = 1500
Q59: If the absolute value of the price
Q60: Given the following price and quantity demanded
Q61: You raised the price of your good
Q62: Average revenue is equal to total revenue