Multiple Choice
If the demand for a steak is unit elastic, then
A) the percentage change in quantity demanded is 1 percent greater than the percentage change in price.
B) the percentage change in quantity demanded is equal to the percentage change in price.
C) the percentage change in quantity demanded is 100 percent greater than the percentage change in price (in absolute value) .
D) quantity demanded does not respond to changes in price.
Correct Answer:
Verified
Correct Answer:
Verified
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