When the Percentage Change in Quantity Demanded Is Less Than

question 419

Multiple Choice

When the percentage change in quantity demanded is less than the percentage change in price, the demand for the good is

• A) inelastic.
• B) unit elastic.
• C) perfectly inelastic.
• D) elastic.

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Definitions:

Social Insurance

A government-sponsored program that provides financial assistance to individuals in events of unemployment, disability, or retirement.

Public Assistance

Government-provided financial aid or services to individuals and families in need to ensure a basic standard of living.

Earned Right

A privilege or benefit that has been obtained or secured through work, achievement, or service.

Public Assistance

Government programs designed to provide support to individuals and families in need, which may include financial aid, food stamps, and housing assistance.