Perform the Operation $\sqrt { 49 } =$ A)2,401
B)7
C)23
D)24

question 103

Multiple Choice

Perform the operation $\sqrt { 49 } =$

• A)2,401
• B)7
• C)23
• D)24.5

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Definitions:

Price Elasticity

An indicator showing the sensitivity of the demanded quantity of a good to price adjustments, computed by the percentage change in demand relative to the percentage change in price.

Elastic Demand

A demand situation where the percentage change in the quantity demanded of a good or service is greater than the percentage change in its price.

Inelastic Demand

Product or resource demand for which the price elasticity of demand is less than 1, so that any given percentage change in price leads to a smaller percentage change in quantity demanded. As a result, quantity demanded is relatively insensitive to (inelastic with respect to) price.