Multiple Choice
Case-Based Critical Thinking Questions
Case 10-1
You have been having some difficulty in your economics class this semester,so you have requested support from a tutor.One topic that is giving you trouble at the moment is the price elasticity of demand.
-Increasing the price of an item by 10% decreases demand by only 1%.This is an example of what kind of elasticity,according to your tutor?
A) relatively inelastic
B) perfectly inelastic
C) relatively elastic
D) perfectly elastic
Correct Answer:
Verified
Correct Answer:
Verified
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