When the Percentage Change in the Quantity Demanded Exceeds the Percentage

question 326

Multiple Choice

When the percentage change in the quantity demanded exceeds the percentage change in price,then demand is

• A) inelastic.
• B) unit elastic.
• C) elastic.
• D) irrelevant.
• E) undefined.

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Definitions:

Greater Than

A mathematical symbol (>) indicating that one value is larger or more than another value.

Z-scores

Standard scores that indicate how many standard deviations an element is from the mean.

Standard Normal Distribution

The standard normal distribution is a statistical distribution where the mean is 0 and the standard deviation is 1, representing the distribution of z-scores from any normal distribution.

Between

Typically used in the context of comparing variables or conditions that are separate or distinct from one another.