Case-Based Critical Thinking Questions

question 139

Multiple Choice

Case-Based Critical Thinking Questions
Case 10-1
You have been having some difficulty in your economics class this semester,so you have requested support from a tutor.One topic that is giving you trouble at the moment is the price elasticity of demand.
-Consumers have to choose between two products that are exactly equal in all respects,and raising the price of one causes a huge decrease in demand.This is an example of what kind of elasticity,according to your tutor?

• A) Relatively inelastic
• B) Perfectly inelastic
• C) Relatively elastic
• D) Perfectly elastic

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