If the Demand Curve Is Unit Elastic, This Implies That

question 111

Multiple Choice

If the demand curve is unit elastic, this implies that:

• A) consumers do not react to a change in product price.
• B) the good can only be purchased in units of 1.
• C) this good has no good substitutes.
• D) the good is a basic food staple.
• E) the percentage change in the quantity demanded = the percentage change in product price.

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Definitions:

Red

A primary color at the longer-wavelength end of the spectrum.

Probability Calculus

A field of mathematics focused on determining the probability of different results.

Disjunction

Disjunction is a logical operation that results in true if at least one of the operands is true; in propositional logic, it's represented by the OR operator.

Event

An occurrence or happening, especially one of significance, that can be observed or participated in.