Demand Is Said to Be Unit Elastic If Quantity Demanded

question 255

Multiple Choice

Demand is said to be unit elastic if quantity demanded

• A)changes by the same percent as the price.
• B)changes by a larger percent than the price.
• C)changes by a smaller percent than the price.
• D)does not respond to a change in price.

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Definitions:

Task

A defined piece of work or activity assigned to someone as part of a job or course of study.

Performance

The act or process of carrying out an action or accomplishing a task or function.

Objective Standards

Unbiased and universally accepted criteria or measures used to evaluate or judge something.

Self-perception Theory

A psychological theory proposing that individuals infer their own attitudes and emotions by observing their behavior and the context in which it occurs.