If a Large Percentage Increase in the Price of a Good

question 64

Multiple Choice

If a large percentage increase in the price of a good results in a small percentage reduction in the quantity demanded of the good, demand is said to be

• A) horizontal.
• B) relatively inelastic.
• C) relatively elastic.
• D) income proof.

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Definitions:

Santa Sabina

An early Christian church in Rome known for its architectural significance and well-preserved classical form.

Aula Palatina

An ancient Roman basilica in Trier, Germany, known for its large size and significant historical and architectural value.

Mausoleum

A monumental tomb. The name derives from the mid-fourth-century BCE tomb of Mausolos at Halikarnassos, one of the Seven Wonders of the ancient world.

Depictions

Visual representations or portrayals of subjects, scenes, or ideas in art.