Multiple Choice
If a 5 percent reduction in the price of a commodity results in a 3 percent increase in the quantity demanded, demand is said to be:
A) unstable.
B) price inelastic.
C) price elastic.
D) unit price elastic.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q225: If the price elasticity of supply is
Q226: Suppose that the price elasticity of demand
Q227: Use the following for questions 108-115.<br>Exhibit: The
Q228: Given an inelastic demand for agricultural output,
Q229: If the demand for golf is unit
Q231: If a decrease in the price of
Q232: If income decreases and the consumption of
Q233: Use the following for questions 128-130.<br>Exhibit: Nonlinear
Q234: An important determinant of the price elasticity
Q235: An important determinant of elasticity is the