Multiple Choice
If a 5 percent fall in the price of a product causes the quantity demanded of the product to increase by 10 percent,the demand is:
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q22: To economists,the main differences between "the short
Q23: Suppose you are given the following data
Q25: When the price of a product is
Q26: A positive cross-price-elasticity of demand for two
Q29: In the price range where demand is
Q30: A product priced at $5 has annual
Q31: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4893/.jpg" alt=" Refer to the
Q54: Along a linear downward-sloping demand curve, the
Q215: If in the short run the demand
Q351: The price of gold is often volatile