Suppose the Price of Beans Rises from $1

question 40

Multiple Choice

Suppose the price of beans rises from $1.00 a pound to $2.00 a pound,quantity demanded falls from 10 units to 6 units.In this example,the demand for beans is said to be

• A)relatively elastic.
• B)relatively inelastic.
• C)perfectly elastic.
• D)perfectly inelastic.

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