When the Percentage Change in Quantity Demanded Is Less Than

question 139

Multiple Choice

When the percentage change in quantity demanded is less than the percentage change in price that brought it about,demand is said to be

• A)zero elastic.
• B)unelastic.
• C)inelastic.
• D)unit elastic.
• E)elastic.

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Definitions:

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a specific time period.

Productivity

Refers to the efficiency of production in terms of units produced per unit of input, such as labor or capital.

Resource

A resource is any physical or virtual entity of limited availability that needs to be consumed to obtain a benefit.

Productivity

The effectiveness in producing outcomes or results; can refer to the rate at which work is completed or the efficiency of resource use.