Multiple Choice
Elastic demand exists when
A) a small percentage decrease in price produces a smaller percentage increase in quantity demanded.
B) a small percentage decrease in price produces a larger percentage increase in quantity demanded.
C) an increase in price causes a larger increase in quantity demanded.
D) the quantity demanded remains the same regardless of level of price.
E) no change in price produces a small percentage change in quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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