Multiple Choice
Assuming price elasticity of demand is reported as an absolute value,a price elasticity of demand of 1.2 indicates an:
A) elastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.
B) inelastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.
C) elastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price.
D) inelastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price.
Correct Answer:
Verified
Correct Answer:
Verified
Q23: A perfectly inelastic demand means:<br>A) consumers will
Q24: Suppose when the price of mascara is
Q25: The demand for shoes is _ than
Q26: Suppose a decrease in price increases quantity
Q27: If the price of jelly increases 10
Q29: If a large percentage change in price
Q30: The response in quantity demanded to a
Q31: Which pair of goods is most likely
Q33: An increase in price causes:<br>A) a decrease
Q115: A decrease in price:<br>A) causes a decrease