Multiple Choice
Let Edt = -2.This implies that the demand for movie tickets is
A) inelastic,because a 1 percent change in Pt changes Qdt by 2 units.
B) inelastic,because a 1 percent change in Pt changes Qdt by 1 percent.
C) elastic,because a 1 percent change in Pt changes Qdt by 1 percent.
D) elastic,because a 1 percent change in Pt changes Qdt by 2 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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