If the Percentage Change in Quantity Demanded Is Less Than

question 20

Multiple Choice

If the percentage change in quantity demanded is less than the percentage change in price,demand is

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

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Definitions:

Quantity Supplied

The total amount of a product that producers are willing to sell at a given price within a specific time frame.

Export

The act of sending goods or services from one country to another country for sale or trade.

Comparative Advantage

The ability of a country or individual to produce a particular good or service at a lower opportunity cost than others.

Production Possibilities

The different mixes of products and services that a country can generate considering its accessible resources and current technology.