If Demand Is Elastic and the Price of a Product

question 247

Multiple Choice

If demand is elastic and the price of a product decreases by 10 percent, then

• A) the change in quantity demanded is less than 10 percent.
• B) the change in quantity demanded is equal to 10 percent.
• C) the change in quantity demanded is greater than 10 percent.
• D) the decrease in quantity demanded is greater than 0 percent.

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Definitions:

Incentives to Work

Factors or conditions that motivate individuals to seek, accept, or engage in employment, including monetary and non-monetary rewards.

Income Inequality

The uneven distribution of income within a population, leading to gaps between the rich and the poor.

Redistribution of Income

A policy or process through which income is shifted from one segment of the population to another, often through taxation and welfare programs.

Income Inequality

Refers to the uneven distribution of income and wealth across the population, leading to disparities between individuals or groups.