If a 3 Percent Change in Price Results in a 1.5

question 29

Multiple Choice

If a 3 percent change in price results in a 1.5 percent change in quantity demanded, then the price elasticity of demand is ____ and demand is ____.

• A)1/2; inelastic
• B)1/2; elastic
• C)2; inelastic
• D)1; unit elastic
• E)2; elastic

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Definitions:

Different Age

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Retested

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Employed Women

Women who are engaged in a job or profession, contributing to the workforce.