Multiple Choice
If a 5 percent change in the price of a good elicited a 5 percent change in the quantity demanded of the good, we would say that over this range of prices the good has a(n)
A) elastic demand.
B) inelastic demand.
C) perfectly elastic demand.
D) unit elasticity of demand.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q117: The price elasticity of demand can be
Q119: The longer any price change persists, the<br>A)
Q137: Compared to the short-run price elasticity of
Q212: For most goods and services the income
Q258: If the absolute value of the price
Q264: When the price of sausages is $2.00
Q266: If an item has an absolute price
Q323: For a linear demand curve, where is
Q325: Supply will become more elastic when<br>A) a
Q370: When the consumer spends a large portion