If a Large Percentage Fall in the Price of Good

question 130

Multiple Choice

If a large percentage fall in the price of good A results in a small percentage decrease in the quantity supplied,then

• A)demand is elastic.
• B)demand is inelastic.
• C)demand is income inelastic.
• D)supply is inelastic.
• E)supply is elastic.

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Definitions:

Discontinuous Process

Developmental changes that occur in distinct stages, each of which is qualitatively different from the others.

Adolescence

The transitional stage from childhood to adulthood that encompasses physical, psychological, and social changes.

Puberty

The stage of adolescence when an individual undergoes physical changes leading to sexual maturity and the ability to reproduce.

Extreme Position

A highly polarized or radical stance on a particular issue that significantly deviates from a moderate or consensus view.