If the Percentage Change in Quantity Demanded Is Exactly Equal

question 43

Multiple Choice

If the percentage change in quantity demanded is exactly equal to the percentage change in price,then demand is:

• A) Normal elastic.
• B) Relatively inelastic.
• C) Relatively elastic.
• D) Unitary elastic.

Apply the principle of marginal analysis to determine the optimal quantity of an activity or good.

Identify the relationship between marginal benefit, marginal cost, and the maximization of total benefits.

Assess the effect of external changes (such as price changes or external costs) on the perceived benefits and costs associated with an activity.

Distinguish between constant, increasing, and decreasing marginal costs and benefits.

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Definitions:

Employer Notification

The requirement for employers to inform their employees or governmental bodies about certain workplace changes, health and safety issues, or benefits entitlements.

Implied Contract

A contract created by the actions or gestures of the parties involved in the transaction.

Nondiscriminatory Manner

Acting or making decisions without bias, unfairness, or discrimination towards any individual or group.

Worker Adjustment and Retraining Notification

A U.S. labor law requiring most employers with 100 or more employees to provide 60-day advance notification of plant closings and mass layoffs.