The Demand for a Good Will Be More Price Inelastic

question 17

Multiple Choice

The demand for a good will be more price inelastic,

• A)the higher is its price.
• B)the larger is the percentage of income spent on it.
• C)the longer is the passage of time since a price change.
• D)the smaller the supply of the good.
• E)the fewer substitutes are available for the good.

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Definitions:

Mixed Number

A number consisting of an integer and a proper fraction.

Decimal Equivalent

A representation of fractions or percentages as decimals.

Percent Equivalent

The representation of a value as a fraction of 100 to indicate its proportion of the whole.

Mixed Number

A number consisting of an integer and a proper fraction, such as 3½.