If a 10 Percent Rise in Price Leads to a Reduction

question 136

Multiple Choice

If a 10 percent rise in price leads to a reduction in quantity demanded of more than 10 percent,

• A) demand is elastic.
• B) demand is inelastic.
• C) elasticity of demand is unitary.
• D) None of the above is correct.

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Definitions:

Static

A keyword in programming that denotes a member of a class that belongs to the class itself rather than to any specific instance of the class.

Private Method

A function or method in a class that cannot be accessed directly from outside the class but can be called by other methods within the same class.

Legal Statement

A syntactically correct statement according to the rules of the programming language being used.

Static Data Members

Variables within a class that are shared by all instances of the class, holding the same value for each instance.