If a Small Percentage Change in Price Causes a Larger

question 121

Multiple Choice

If a small percentage change in price causes a larger percentage change in the quantity demanded, the good has:

• A) an inelastic demand.
• B) a low magnitude of response.
• C) an elastic demand.
• D) a high magnitude of response.

---

Definitions:

Convert

Convert refers to changing data from one type to another, such as transforming an integer into a string in programming.

Color

A property or characteristic of an object that results from the light they emit or reflect, often represented in programming by RGB values.

Instances

Specific realizations of a class in object-oriented programming, representing individual objects created from the class blueprint.

Proportions

A statement that two ratios or fractions are equal, often used to solve problems involving scale or relative sizes.