An Elastic Demand Curve Is One for Which

question 35

Multiple Choice

An elastic demand curve is one for which:

• A)the absolute change in price is smaller than the absolute change in quantity demanded
• B)a given percentage change in price causes a larger percentage change in quantity demanded
• C)the absolute change in price is bigger than the absolute change in quantity demanded
• D)a given percentage change in price causes a smaller percentage change in quantity demanded
• E)the absolute changes in price and quantity demanded are the same

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Definitions:

Probability

The estimation of how likely an event is to take place, quantified by a number ranging from 0 to 1.

Cards

Small pieces of laminated paper or plastic printed with a number, symbol, or illustration, used for playing games, as a medium of exchange, or for identification.

Probability

A statistical concept that quantifies the chance of a given event occurring, often expressed as a ratio or percentage.

Cards

Pieces of thick, flat material, often made of paper or plastic, used for various games, information storage, or special occasions.