When Is Demand Said to Be Unit Elastic

question 199

Multiple Choice

When is demand said to be unit elastic

• A)when the quantity demanded changes by the same percentage as the price
• B)when the quantity demanded changes by a larger percentage than the price
• C)when the quantity demanded changes by a smaller percentage than the price
• D)when the quantity demanded does not respond to a change in price

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Definitions:

U.K.'s Laws

The legal rules and regulations that are governing within the United Kingdom, encompassing statutes, common law, and legal precedents.

Principle of Comity

A legal doctrine that suggests courts within one jurisdiction will give effect to the laws and judicial decisions of another jurisdiction, based on mutual respect rather than obligation.

Agency Relationships

A legal relationship in which one party (the agent) acts on behalf of another party (the principal) in a business transaction.

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A principle in international law that a nation is sovereign within its own borders and its domestic actions may not be questioned in the courts of another nation.