Demand Is Elastic If

question 110

Multiple Choice

Demand is elastic if

• A) consumers respond strongly to changes in the product's price.
• B) a large percentage change in price brings about a small percentage change in quantity demanded.
• C) a small percentage change in price brings about a small percentage change in quantity demanded.
• D) the quantity demanded is not responsive to price changes.
• E) the demand curve is vertical.

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Definitions:

Convenience Sampling

A non-probability sampling technique where subjects are selected because of their convenient accessibility and proximity to the researcher.

Random Sampling

A technique used in research to select a sample in which each member of the population has an equal chance of being included.

Privacy

Refers to the state or condition of being free from unauthorized intrusion or disclosure of personal information.

Informed Consent

A process in healthcare and research, ensuring individuals are fully informed about procedures, risks, benefits, and alternatives before making a decision to participate or undergo a procedure.