Demand Is Price Inelastic If ________ Percentage Change in the Price

question 100

Multiple Choice

Demand is price inelastic if ________ percentage change in the price leads to a ________ percentage change in the quantity demanded.

• A) a small; large
• B) a large; small
• C) any; large
• D) Both answers A and B are correct.
• E) None of the above answers is correct.

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Definitions:

Agenda

A list or plan of items to be discussed or acted upon during a meeting.

Costs

are the expenses or resources required for the production of goods or the execution of services, often considered in decision-making and planning.

Plan

is a detailed proposal for doing or achieving something, often involving the steps or actions needed to accomplish a goal.

Criteria

Standards or benchmarks that are used to evaluate or make judgments about different options or outcomes.