If a 10 percent price increase causes the quantity demanded for a good to decrease by 5 percent, demand is elastic

a. True
b. False
Indicate whether the statement is true or false

False

Economics

You might also like to view...

The above figure shows three different supply-and-demand graphs. Which graph best represents the market for the air we are currently breathing?

A) Graph A B) Graph B C) Graph C D) None of the above.

Economics

If the supply curve of cigarettes shifts to the left, quantity demanded for cigarettes

A) will decrease substantially. B) will increase substantially. C) will slightly increase. D) will slightly decrease.

Economics