A Price Inelastic Demand Exists If a 10 Percent Change

question 206

Multiple Choice

A price inelastic demand exists if a 10 percent change in the price of a good results in a percentage change (in absolute value terms) in quantity demanded that is:

• A) less than 0.
• B) greater than 0 but less than 10.
• C) equal to 10.
• D) greater than 10.

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Definitions:

Testing Perspective

In psychology, it involves understanding individual differences and cognitive abilities through standardized tests and assessments.

Dealing Effectively

The ability to manage situations or tasks successfully and efficiently.

Novelty

The quality of being new, original, or unusual, often stimulating interest, attention, or excitement.

Subtheory

A division or smaller theory that is part of a larger theoretical framework, often focusing on a specific aspect of the broader theory.