If a 1 Percent Decrease in Price Results in Less

question 120

Multiple Choice

If a 1 percent decrease in price results in less than a 1 percent increase in the quantity demanded, demand is

• A)cross-price elastic.
• B)price inelastic.
• C)price elastic.
• D)status quo elastic.
• E)derived demand inelastic.

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Definitions:

Seeds

The reproductive unit of flowering plants, capable of developing into another such plant.

Thick Beaks

A characteristic of some birds that have evolved robust, heavy beaks to crush or crack hard food sources.

Chyme

Mix of food and gastric fluid.

Large Intestine

Organ that receives digestive waste from the small intestine and concentrates it as feces.