Demand Is Said to Be Unit Elastic If Quantity Demanded

question 255

Multiple Choice

Demand is said to be unit elastic if quantity demanded

• A)changes by the same percent as the price.
• B)changes by a larger percent than the price.
• C)changes by a smaller percent than the price.
• D)does not respond to a change in price.

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Definitions:

Cognitive Development

Development involving the ways that growth and change in intellectual capabilities influence a person’s behavior.

Young Adulthood

A stage of human development that occurs approximately from the late teens through the late twenties, highlighting significant transitions in personal, social, and professional domains.

Middle Childhood

A stage of human development that typically covers the early school years from ages 6 to 12, marked by significant growth in social, cognitive, and physical areas.

Abstract Modeling

The process in which modeling paves the way for the development of more general rules and principles.