If a Good Has an Elastic Demand, Then

question 19

Multiple Choice

If a good has an elastic demand, then:

• A) a small percentage change in price will cause a larger percentage change in quantity demanded.
• B) a small percentage change in price will cause virtually no change in quantity demanded.
• C) a large percentage change in price will cause a smaller change in quantity demanded.
• D) any percentage change in price will cause an almost immediate response in quantity demanded.

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