The Price of Pens Increases from $2 to $2

question 107

Multiple Choice

The price of pens increases from $2 to $2.20. At the same time, the quantity of pens demanded decreases from 100 to 90. Demand for pens is

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

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Definitions:

Infinite

A concept or quantity that has no end or limit, often used in mathematics, physics, and discussing concepts with no bounds.

Positive

In economics, it often refers to statements or propositions that can be tested and validated against real-world data, as opposed to normative, which are value-based.

Infinite

A term used to describe a quantity without bounds or end, often used in mathematics and physics to describe an unquantifiably large magnitude.

Zero

A number representing the absence of any quantity or measure; it is a fundamental concept in mathematics and sciences.