Elastic Demand Implies

question 374

Multiple Choice

Elastic demand implies

• A) that a one percent increase in price results in a smaller than one percent decrease in quantity demanded.
• B) that a one percent increase in price results in a larger than one percent decrease in quantity demanded.
• C) that a one percent cut in price results in a larger than one percent increase in quantity demanded.
• D) that a one percent decrease or increase in price induces no change in total revenue.

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Definitions:

Promissory Note

A budgetary instrument which holds a written assurance from one party to compensate another with a predetermined sum of money, either instantly on demand or at a pre-agreed date.

Missing Value

A data point or entry that is not recorded or absent in a dataset.

Promissory Note

A signed document containing a written promise to pay a stated sum to a specified person at a specified date or on demand.

Missing Value

The unavailability or lack of specific information that is expected to be in a dataset, record, or analytical equation.