If Demand Is Elastic

question 19

Multiple Choice

If demand is elastic,

• A)then a 1% decrease in price leads to a rise in quantity of greater than 1%.
• B)then a 1% decrease in price leads to a rise in quantity of less than 1%.
• C)then a 1% decrease in prices leads to a rise in quantity of 1%.
• D)then a 1% decrease in price leads to a fall in quantity greater than 1%.

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Definitions:

Angularity

Measures the angle deviation of a specified surface or feature from a specified reference, often used in geometric dimensioning and tolerancing.

Geometric Tolerances

The permissible limits of variation in the geometry of a part, detailed in technical drawings to ensure parts are manufactured consistently.

Feature Control Frame

A rectangular box on engineering drawings containing symbols and numbers specifying the geometric characteristics and tolerances of features.

Geometric Characteristic Symbol

A symbol used in geometric dimensioning and tolerancing to represent a specific geometric characteristic that is to be controlled.