If the Demand for a Product Is Elastic,then

question 69

Multiple Choice

If the demand for a product is elastic,then

• A)The percentage change in quantity demanded is greater than the percentage in price.
• B)The percentage change in price is greater than the percentage change in quantity demanded.
• C)The change in the quantity demanded is greater than the change in income.
• D)Buyers are not very sensitive to a change in price.

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Definitions:

Scientific Laws

Principles based on empirical evidence that describe and predict natural phenomena, often expressed in mathematical form.

Occupies Space

A characteristic of physical objects that have a measurable size and volume, existing within a three-dimensional area.

Environmental Degradation

The decline in environmental quality due to resource depletion, ecosystem destruction, and the disappearance of wildlife.

Physical States

The distinct forms that different phases of matter take on, commonly identified as solid, liquid, and gas.