Which of the Following Illustrates Elastic Demand

question 93

Multiple Choice

Which of the following illustrates elastic demand?

• A) A 10 percent increase in price causes a 5 percent decrease in quantity demanded.
• B) A 10 percent increase in price causes a 10 percent reduction in quantity demanded.
• C) A 10 percent increase in price causes a 20 percent decrease in quantity demanded.
• D) a price elasticity of 0.8
• E) a price elasticity of 1.0

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Definitions:

Exponential Growth

A rapid increase in quantity over time, where the rate of growth is proportional to the current size, leading to the doubling of the size in regularly spaced intervals.

Rapidly

Occurring within a very short time frame; happening quickly or in a fast manner.

Non-Metallic

Refers to elements or materials that do not exhibit the characteristics of metals, such as electrical conductivity or luster.

Mineral Resource

Natural deposits of minerals within the Earth’s crust that are of economic value and can be extracted and processed.