Determining Whether the Price Elasticity of Demand Is Price Elastic

question 61

Multiple Choice

Determining whether the price elasticity of demand is price elastic, unit price elastic, or price inelastic is done by:

• A) comparing the percentage change in quantity demanded to the percentage change in price.
• B) examining the ratio of the change in quantity to the change in price.
• C) examining the slope of the demand curve.
• D) examining the ratio of the change in price to the change in quantity

---

Definitions:

Social

The term 'social' refers to relating to society or its organization, including interactions and relationships among individuals.

Self-Esteem

An individual’s overall subjective emotional evaluation of their own worth.

Competent

Refers to having the necessary ability, knowledge, or skill to perform a task or job successfully.

Extrinsic

Originating from or motivated by external factors outside of the individual's own self, often relating to rewards or outside recognition.