If a Large Percentage Increase in the Price of a Good

question 64

Multiple Choice

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

• A) horizontal.
• B) relatively inelastic.
• C) relatively elastic.
• D) income proof.

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Definitions:

SIGI 3

An online career assessment tool that helps individuals explore potential careers based on their interests, values, and skills.

Test Category

Classifies the type or nature of a test, helping in understanding its purpose, such as cognitive ability tests, personality tests, or achievement tests.

Strong Interest Inventory

A psychological assessment tool that measures an individual's interests in various occupational fields to aid in career planning.

Test Category

A classification used to organize tests based on their characteristics, purpose, or the subject matter they assess.