Demand Is Price Inelastic If ________ Percentage Change in the Price

question 100

Multiple Choice

Demand is price inelastic if ________ percentage change in the price leads to a ________ percentage change in the quantity demanded.

• A) a small; large
• B) a large; small
• C) any; large
• D) Both answers A and B are correct.
• E) None of the above answers is correct.

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Definitions:

Rental Income

Income received from renting out a property, such as a house or an apartment.

AGI

Adjusted Gross Income (AGI) is a measure of income calculated from your gross income and used to determine how much of your income is taxable.

Depreciation

The accounting process of allocating the cost of a tangible or physical asset over its useful life, used to represent wear and tear or obsolescence.

Net Income

The amount of money remaining after all operating expenses, taxes, and deductions are taken out from total revenue.