If a 2 Per Cent Change in Price Leads to a ________

question 43

Multiple Choice

If a 2 per cent change in price leads to a ________ per cent change in the quantity demanded, then demand is ________.

• A) 3; inelastic
• B) 2; elastic
• C) 0; perfectly elastic
• D) 1; inelastic
• E) 1; unit elastic

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Definitions:

Early Childhood

A stage in human development that typically ranges from birth to 8 years old, characterized by rapid physical and cognitive development.

Hypnosis

A trance-like mental state induced by a person (a hypnotist) wherein subjects may experience heightened suggestibility and focus.

Suggestibility

The tendency of an individual to accept and act on suggestions by others, often studied in psychological contexts such as memory and hypnosis.

Magnetic Fields

Invisible fields that exert force on objects that possess magnetic properties or are conducting electricity, influencing their orientation and behavior.