Which of the following is true?
i. The demand for a good is elastic if when its price changes, the percentage change in the quantity demanded exceeds the percentage change in price.
ii. Price elasticity of demand equals the percentage change in price divided by the percentage change in the quantity demanded.
iii. If demand is price inelastic, a rise in price leads to a decrease in total revenue.
A) only i
B) only ii
C) only iii
D) i and ii
E) ii and iii
A
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To satisfy the admission criteria to the European Union, a country must meet all of the following, EXCEPT:
A) maintain an inflation that is equal to the average of the three lowest rates. B) maintain long-term interest rates equal to that of the three countries with the lowest inflation rates. C) maintain a pegged exchange rate, without any revision for two years. D) cut down taxes to the lowest possible level.
Is the marginal benefit someone enjoys from a good or service the same as the price he or she pays? Explain your answer
What will be an ideal response?