If a Good Has an Elastic Demand, Then

question 19

Multiple Choice

If a good has an elastic demand, then:

• A) a small percentage change in price will cause a larger percentage change in quantity demanded.
• B) a small percentage change in price will cause virtually no change in quantity demanded.
• C) a large percentage change in price will cause a smaller change in quantity demanded.
• D) any percentage change in price will cause an almost immediate response in quantity demanded.

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Definitions:

Military Purposes

describes the use or application of resources, strategies, or actions to achieve defense or warfare objectives.

United States Aid

The financial or material assistance provided by the United States government to other countries, aimed at promoting economic development, welfare, or political stability.

Winston Churchill

A British politician, army officer, and writer who served as Prime Minister of the United Kingdom during World War II and again in the early 1950s.

Pearl Harbor

A U.S. naval base in Hawaii that was the site of a surprise military strike by the Japanese Navy against the United States on December 7, 1941, leading directly to the U.S. entering World War II.