The Elasticity Is the Ratio of the Percentage Change in the Quantity

question 3

Multiple Choice

The elasticity is the ratio of the percentage change in the quantity divided by the percentage change in the price. Which of the following statements) is true about elasticity?

• A) The bigger the percentage change in quantity relative to the percentage change in price, the more elastic is demand.
• B) When quantity changes by more than price, the demand is said to be inelastic.
• C) When price changes by more than quantity, the demand is said to be elastic.
• D) When quantity changes by more than price, the demand is said to be elastic.
• E) both A and D

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Definitions:

Experimentation

A method of discovery in science involving the testing of hypotheses through controlled and repeatable procedures.

General Concern

A broad interest or worry that affects or involves many people.

Status Quo

The existing state of affairs, particularly in terms of social or political issues.

Refreezing

Refreezing refers to the final stage of Lewin's change model where new behaviors or changes are solidified into everyday practices.