Multiple Choice
If a good has a highly elastic demand curve,then:
A) a small percentage change in price will cause a large change in quantity demanded.
B) a small percentage change in price will cause virtually no change in quantity demanded.
C) a large percentage change in price will cause a small change in quantity demanded.
D) any percentage change in price will cause an almost immediate response in quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
Q72: A good is inelastic if:<br>A)total revenue decreases
Q73: A decrease in price:<br>A)causes a decrease in
Q74: Considering the concept of cross-price elasticity,when two
Q75: Which pair of goods is most likely
Q76: If the price of a DVD decreases
Q78: Suppose when the price of movie tickets
Q79: Ben & Jerry's ice cream is _
Q81: If the price effect outweighs the quantity
Q82: Whether a cross-price elasticity of demand is
Q93: The amount that a firm receives from