Multiple Choice
The In The News article "Play Station 3 Sales More Than Double after Price Cut" indicated that
A) The percentage change in price was greater than the percentage change in quantity demanded.
B) The percentage change in quantity demanded was greater than the percentage change in price.
C) The demand for the Play Station 3 consoles was inelastic.
D) The percentage change in price was the same magnitude as the percentage change in quantity demanded. There was a huge sales response to the price cut for the Play Station consoles, indicating that demand was elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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