If, for a Given Percentage Increase in Price, Quantity Demanded

question 28

Multiple Choice

If, for a given percentage increase in price, quantity demanded falls by a proportionately smaller percentage, then demand is

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

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Definitions:

Proximity

The state of being near or close in space, time, or relationship.

Closure

The act of bringing something to an end or conclusion, often providing a sense of resolution or completion.

Optical Illusions

Visual perceptions that differ from reality, where what we see doesn't match the physical measurement of the stimulus source.

Two-Dimensional Displays

Visual presentations that utilize only height and width to represent information, often used in graphs, maps, and images.