Elastic Demand Exists When

question 36

Multiple Choice

Elastic demand exists when

• A) a small percentage decrease in price produces a smaller percentage increase in quantity demanded.
• B) a small percentage decrease in price produces a larger percentage increase in quantity demanded.
• C) an increase in price causes a larger increase in quantity demanded.
• D) the quantity demanded remains the same regardless of level of price.
• E) no change in price produces a small percentage change in quantity demanded.

---

Definitions:

Polymorphism

Polymorphism is a concept in object-oriented programming that allows objects of different classes to be treated as objects of a common superclass, enabling a single interface to control the access to the specific method implementations.

Late Binding

A programming mechanism where method calls are resolved at runtime rather than compile time.

Method Definition

The part of a class where the behavior of a method is specified, including its return type, parameters, and body.

Method Invocation

The process of calling or executing a method in a program, which may involve passing arguments and receiving a return value.