If a Large Percentage Change in Price Leads to a Smaller

question 123

Multiple Choice

If a large percentage change in price leads to a smaller percentage change in quantity demanded, the good has a

• A) very elastic demand.
• B) less elastic demand.
• C) low magnitude of response.
• D) high magnitude of response.

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Definitions:

Tympanic Membrane

The thin membrane that separates the outer ear from the middle ear, also known as the eardrum, which vibrates in response to sound waves.

Eardrum

A delicate layer dividing the outer ear from the middle ear, which moves in reaction to sound vibrations.

Temporal Bone

A bone on the side of the skull that houses structures of the ear and is part of the cranium.

Pinna

The external part of the ear in humans and many animals, which serves to collect and direct sound waves toward the ear canal.