If a 1 Percent Change in the Price of a Good

question 18

Multiple Choice

If a 1 percent change in the price of a good causes a 1 percent change in the quantity demanded of that good, the price elasticity of demand is

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

---

Definitions:

Reciprocity Norm

A social norm that suggests individuals should help those who have helped them, creating a cycle of mutual assistance.

Unsightly Warts

Unpleasant or unattractive growths on the skin caused by viral infections, typically not harmful but often considered aesthetically displeasing.

Infomercial

A television program that combines information and commercial content to market a product or service.

Sexual Orientation

An inherent or immutable enduring emotional, romantic or sexual attraction to other people.