Elasticity of resource demand is measured by the:
A. absolute change in resource quantity demanded divided by the absolute change in
resource price.
B. percentage change in resource quantity demanded divided by the percentage change in
resource price.
C. absolute change in resource price divided by the absolute change in resource quantity
demanded.
D. percentage change in resource price divided by the percentage change in resource
quantity demanded.
Answer: B
You might also like to view...
Which of the following factors will make the demand for a product relatively elastic?
A. There are few substitutes B. The time interval considered is long C. The good is considered a necessity D. Purchases of the good require a small portion of consumers' budgets
Oligopolies are industries containing only a few large firms
A. whose decisions are consciously linked. B. and each faces a horizontal demand curve. C. that can ignore other firms' reactions as they price, produce, and market their goods. D. but each firm is small relative to the market.