When the Price Elasticity of Demand Is Large, Then

question 88

Multiple Choice

When the price elasticity of demand is large, then

• A) the product is more likely to be a necessity.
• B) the responsiveness of quantity demanded to a change in price is small.
• C) the percentage change in price divided by the percentage change in quantity demanded is large.
• D) the responsiveness of quantity demanded to a change in price is large.

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Definitions:

Extinction

Refers to the permanent loss of a species. It is marked by the death or failure to breed of the last individual.

Stromatolites

Layered structures formed by the mineralization of bacteria.

Zircons

Minerals that are widely used in dating geological structures due to their ability to encapsulate and preserve uranium-lead isotopes over immense periods.

Fossilized

The process by which organic material is converted into a fossil, preserving the remains of organisms that lived in the past.