The Price of Good a Falls by 10 Percent and Quantity

question 68

Multiple Choice

The price of good A falls by 10 percent and quantity of good A demanded does not change. We conclude that the demand for good A is

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

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Definitions:

Necessary

Indispensable or essential to achieve a certain result or fulfil a condition.

Imperative

Referring to something of vital importance or crucial necessity.

Results Section

The part of a report or research paper where findings from conducted experiments or studies are presented and elaborated upon.

Interpret

To interpret is to explain or understand the meaning of something, such as a piece of art, a set of data, or an event.