If a 2 Percent Change in Price Leads to a ________

question 268

Multiple Choice

If a 2 percent change in price leads to a ________ percent change in the quantity demanded,then demand is ________.

• A) 2; elastic
• B) 1; unit elastic
• C) 3; inelastic
• D) 4; elastic
• E) 0; perfectly elastic

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Definitions:

Apparent Authority

A doctrine in contract law that allows a third party to hold a principal liable for the acts of an agent, if the principal's actions lead the third party to reasonably believe that the agent is authorized.

Settlement Approval

The process by which a court reviews and approves a settlement agreement between parties in a lawsuit.

Agents In Australia

Professionals or entities authorized to act on behalf of others, primarily in business transactions, within the context of Australian law and market.

Express Agency

A contractual agreement where one party (the agent) is authorized to act on behalf of another party (the principal) in business transactions, based on expressed consent.