Demand Is Said to Be Price Elastic at a Point

Multiple Choice

Demand is said to be price elastic at a point on a demand curve if a

A) 1 percent rise in price reduces the quantity demanded by more than 1 percent.
B) 1 percent rise in price reduces the quantity demanded by less than 1 percent.
C) 1 percent rise in price reduces the quantity demanded by more than 10 percent.
D) 10 percent rise in price reduces the quantity demanded by less than 10 percent.