If a Good Has an Elastic Demand, Then

question 19

Multiple Choice

If a good has an elastic demand, then:

• A) a small percentage change in price will cause a larger percentage change in quantity demanded.
• B) a small percentage change in price will cause virtually no change in quantity demanded.
• C) a large percentage change in price will cause a smaller change in quantity demanded.
• D) any percentage change in price will cause an almost immediate response in quantity demanded.

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Definitions:

Postganglionic Neurons

Postganglionic Neurons are the neurons in the autonomic nervous system that connect ganglia with the organs they innervate, transmitting signals from the central nervous system.

Norepinephrine

A neurotransmitter that is also a hormone secreted by the adrenal medulla.

Sympathetic System

A part of the autonomic nervous system responsible for the body's 'fight or flight' response, regulating involuntary body functions like heart rate and blood flow.

Ganglionic Neurons

Neurons that are part of the autonomic nervous system located in ganglia, which act as relay points for transmitting signals from the central nervous system to target organs.