If, for a Given Percentage Increase in Price, Quantity Demanded

question 28

Multiple Choice

If, for a given percentage increase in price, quantity demanded falls by a proportionately smaller percentage, then demand is

• A)unit elastic.
• B)perfectly elastic.
• C)relatively inelastic.
• D)relatively elastic.

Explain the effects of technological advancements on market outcomes.

Determine the consequences of changes in consumer income on inferior and normal goods.

Assess the impact of governmental regulations on market equilibrium.

Understand the effect of substitute and complementary goods on market dynamics.