When Demand Is Elastic

question 65

Multiple Choice

When demand is elastic,

• A)the percentage change in price is greater than the percentage change in quantity demanded.
• B)price increases raise total revenue.
• C)the buyer is sensitive to changes in price.
• D)the elasticity coefficient is greater than zero,but less than one.

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Definitions:

Express Trust

A legal agreement created intentionally by a grantor, designating a trustee to manage assets for the benefit of beneficiaries.

Grantor

An individual or entity that transfers property rights to another person or entity.

Constructive Trusts

Legal arrangements treated by a court as if they are actual trusts, when someone has wrongfully obtained or withheld property that rightfully should belong to another.

Creator

An individual or entity that brings something new into existence or is responsible for the original conception of a work or idea.