If the percentage change in price is 10 percent and the demand is elastic, then the percentage change in the quantity demanded
A) is greater than 0 percent but less than 10 percent.
B) is larger than 10 percent.
C) equals 0 percent.
D) equals 10 percent.
E) More information is needed to determine the magnitude of the change in the quantity demanded.
B
Economics
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The term "market" in economics refers to
A) a group of buyers and sellers of a product and the arrangement by which they come together to trade. B) a legal institution where exchange can take place. C) an organization which sells goods and services. D) a place where money changes hands.
Economics
How is a monopolistically competitive market similar to a perfectly competitive market? Do monopolistically competitive markets and monopolies share any common features?
What will be an ideal response?
Economics