Demand Is Price Inelastic If ________ Percentage Change in the Price

question 100

Multiple Choice

Demand is price inelastic if ________ percentage change in the price leads to a ________ percentage change in the quantity demanded.

• A) a small; large
• B) a large; small
• C) any; large
• D) Both answers A and B are correct.
• E) None of the above answers is correct.

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Definitions:

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Private Firms

Businesses owned and controlled by individuals or groups of individuals, as opposed to being owned by the government.

Property Rights

Legal rights to possess, use, and dispose of assets including real property (land and buildings) and intellectual property.

Fundamental Function

A basic or essential function that is fundamental to a system or process.