Multiple Choice
If a good has an elastic demand, then:
A) a small percentage change in price will cause a larger percentage 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 smaller 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
Q14: If total revenue increases when price increases:<br>A)
Q15: A linear demand curve:<br>A) has a constant
Q16: Suppose a one percent change in the
Q17: Gasoline and motel rooms are complements for
Q18: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8194/.jpg" alt=" Consider the demand
Q20: If a good has unitary price elasticity
Q21: The demand for a cup of coffee
Q22: The price elasticity of supply tells us:<br>A)
Q23: Elasticities are used to measure responses to
Q24: Demand tends to be more elastic when:<br>A)