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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Definitions:

Procedural Knowledge

The type of knowledge that involves knowing how to do something, often demonstrated through actions rather than words.

Assessed

Evaluated or estimated the nature, ability, or quality of something or someone.

Changed

To make or become different; to alter the form, nature, or appearance of something.

Self-discrepancy Theory

A theory suggesting that psychological discomfort or emotional distress results from discrepancies between one’s self-concept and ideal or ought selves.