If the Absolute Price Elasticity of Demand for a Product

question 146

Multiple Choice

If the absolute price elasticity of demand for a product is equal to 1, then

• A) the absolute price elasticity of demand is inelastic and consumers are relatively insensitive to price changes.
• B) the absolute price elasticity of demand is inelastic and consumers are relatively sensitive to price changes.
• C) the absolute price elasticity of demand is elastic and consumers are relatively insensitive to price changes.
• D) the absolute price elasticity of demand is unit-elastic and the percentage change in quantity demanded equals the percentage change in price.

---

Definitions:

Maryland's Founder

Refers to George Calvert, 1st Lord Baltimore, who played a pivotal role in the founding of the Province of Maryland as a haven for English Catholics.

Cecilius Calvert

The second Lord Baltimore, an English nobleman who founded the colony of Maryland in the 17th century as a haven for English Catholics.

Feudal Domain

Lands during the Middle Ages under the control of a lord or noble, governed based on feudalism where peasants worked the land in exchange for military protection.

English Women

Women from England or of English descent, known for their diverse contributions to society, culture, and history across various periods.