If the Absolute Value of the Price Elasticity of Demand

question 46

Essay

If the absolute value of the price elasticity of demand is greater than 1, then:
A.small percentage changes in the price will lead to much larger changes in the percentage change in the quantity demanded.
B.small percentage changes in the price will lead to even smaller changes in the percentage change in the quantity demanded.
C.percentage changes in the price will lead to equal percentage changes in the quantity demanded.
D.changes in the price will have no impact on changes in the quantity demanded.

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Definitions:

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The value of an asset or cash at a specified date in the future that is equivalent in value to a specified sum today.

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