If a Small Percentage Increase in the Price of a Good

question 198

Multiple Choice

If a small percentage increase in the price of a good results in a rather large percentage reduction in the quantity demanded of the good, demand is said to be

• A) vertical.
• B) relatively inelastic.
• C) relatively elastic.
• D) robust.

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Definitions:

Efferent Nerve Fibres

Nerves that carry impulses away from the central nervous system to effectors, such as muscles or glands, facilitating action.

Brain and Spinal Cord

The central components of the central nervous system, responsible for processing and transmitting information throughout the body.

Somatic Nervous System

A component of the peripheral nervous system that conveys sensory information to the central nervous system and controls voluntary movements of the body.

Motor Nervous System

The motor nervous system is a division of the peripheral nervous system that controls voluntary muscle movements.