Which of the Following Is True

question 121

Multiple Choice

Which of the following is true?
I.The demand for a good is elastic if when its price changes,the percentage change in the quantity demanded exceeds the percentage change in price.
II.Price elasticity of demand equals the percentage change in price divided by the percentage change in the quantity demanded.
III.If demand is price inelastic,a rise in price leads to a decrease in total revenue.

• A) Only I
• B) Only II
• C) Only III
• D) I and II
• E) II and III

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Definitions:

ROM

Read-Only Memory, a type of non-volatile memory used in computers and electronic devices to store firmware or application software in a way that is not easily or at all modifiable by the user.

Shortcut

A link or icon that allows users to access a file, folder, or application quickly, often with a single click.

Presentation Format

The layout and style used for displaying information in a presentation, such as slideshows, including themes and transitions.

Rich Text Format

A document file format developed by Microsoft that supports various formatting options, like bold and italic text, and can be used across different word processing applications.