Demand is said to be elastic when the:
A. percentage change in quantity demanded is greater than the percentage change in price.
B. change in quantity demanded is less than the change in price.
C. percentage change in quantity demanded is less than the percentage change in price.
D. change in quantity demanded is greater than the change in price.
Answer: A
You might also like to view...
Refer to Figure 13-1. Ceteris paribus, a decrease in the price level would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
Public choice theory predicts candidates will
A) speak in specific instead of general terms. B) modify their positions to become more like their opponent, if polls show they are not doing as well as their opponent. C) call themselves right-wingers or left-wingers, not middle-of-the-roaders. D) label their opponents as too middle-of-the-road. E) all of the above