Demand is said to be unit elastic if quantity demanded
a. changes by the same percent as the price.
b. changes by a larger percent than the price.
c. changes by a smaller percent than the price.
d. does not respond to a change in price.
a
Economics
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The absolute price elasticity of demand for good X is 1.2 when price is measured in dollars. If price were measured in cents, the price elasticity elasticity of demand would equal
A) 1200. B) 12. C) 1.2. D) 0.012.
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The spending multiplier is:
a. 1 / (1 ? MPC). b. 1 ? MPC. c. MPC. d. MPC / (1 ? MPC).
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