Demand Is Said to Be Price Elastic at a Point

question 59

Multiple Choice

Demand is said to be price elastic at a point on a demand curve if a

• A)1 percent rise in price reduces the quantity demanded by more than 1 percent.
• B)1 percent rise in price reduces the quantity demanded by less than 1 percent.
• C)1 percent rise in price reduces the quantity demanded by more than 10 percent.
• D)10 percent rise in price reduces the quantity demanded by less than 10 percent.

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