Study guides, Class notes & Summaries

Question 1 of 10 Demand is price inelastic if: A. the price of the good responds slightly to a quantity change. B. the demand curve shifts very little when a demand shifter changes. C. the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. D. all of the above are true. Question 2 of 10 If the absolute value of price elasticity is greater than 1, this means the demand curve in that region is: A. price elastic. B. price inelasti...

Question 1 of 10 Demand is price inelastic if: A. the price of the good responds slightly to a quantity change. B. the demand curve shifts very little when a demand shifter changes. C. the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. D. all of the above are true. Question 2 of 10 If the absolute value of price elasticity is greater than 1, this means the demand curve in that region is: A. price elastic. B. price inelasti...

Question 1 of 10 Demand is price inelastic if: A. the price of the good responds slightly to a quantity change. B. the demand curve shifts very little when a demand shifter changes. C. the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. D. all of the above are true. Question 2 of 10 If the absolute value of price elasticity is greater than 1, this means the demand curve in that region is: A. price elastic. B. price inelasti...