If the Demand for a Steak Is Unit Elastic, Then

question 218

Multiple Choice

If the demand for a steak is unit elastic, then

• A)the percentage change in quantity demanded is 1 percent greater than the percentage change in price.
• B)the percentage change in quantity demanded is equal to the percentage change in price.
• C)the percentage change in quantity demanded is 100 percent greater than the percentage change in price (in absolute value).
• D)quantity demanded does not respond to changes in price.

---

Definitions:

Organization Teams

Groups within an organization that are formed around common goals, tasks, or responsibilities to achieve specific outcomes.

Quality Circles

Small groups of employees who meet regularly to solve problems and improve production in their area of work.

Productivity

A measure of the efficiency of production, often quantified as the ratio of outputs to inputs in a production process.

Cost

The amount of money, time, or resources required to obtain, produce, maintain, or conduct something.