We Say That a Good Has Elastic Demand Whenever the Absolute

question 287

Multiple Choice

We say that a good has elastic demand whenever the absolute value of the price elasticity of demand is greater than one. A one percent change in price therefore causes

• A) exactly a one percent change in the quantity demanded.
• B) a change of less than one percent in the quantity demanded.
• C) a greater than one percent change in quantity demanded.
• D) a change that cannot be determined based on one percent.

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Definitions:

Standard Cost Variances

The differences between the actual costs incurred and the standard costs set for producing a good or service.

Cost Of Goods Sold

The total cost directly associated with producing goods that have been sold, including materials, labor, and manufacturing overhead.

Materials Price Variance

The difference between the actual cost of materials and the expected (standard) cost, often used to assess purchasing performance.

Labor Rate Variance

The variance between the real labor expenses incurred and the anticipated standard labor costs for the achieved production output.