If demand is elastic and the price of a product decreases by 100 percent, then
A. the decrease in quantity demanded is greater than 0 percent.
B. the change in quantity demanded is greater than 100 percent.
C. the change in quantity demanded is equal to 100 percent.
D. the change in quantity demanded is less than 100 percent.
Answer: B
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Refer to Table 8-9. Suppose that the above table represents the goods and services produced in a very simple economy in 2016. Assume that steel is used as an input in the production of autos. Using that information, calculate GDP for the year 2016
What will be an ideal response?
The natural level of real GDP is that level of
A) real GDP at which the price level will continue increasing. B) nominal GDP at which the price level will remain constant. C) real GDP at which there is no tendency for inflation to accelerate or decelerate. D) Nominal real GDP at which the price level will continue to decrease.