What does price elasticity of demand measure? When is demand elastic? Inelastic? Unit elastic?
What will be an ideal response?
Price elasticity of demand measures the responsiveness of the quantity of a product demanded to a change in the price of the product. Demand is elastic when the percentage change in quantity demanded is greater than the percentage change in price. Demand is inelastic when the percentage change in quantity demanded is less than the percentage change in price. Demand is unit elastic when the percentage change in quantity demanded is equal to the percentage change in price.
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A) raises, stimulates B) raises, depresses C) lowers, stimulates D) lowers, depresses
The poverty rate in the United States is lowest for:
A. whites. B. blacks. C. Hispanics. D. Asians.
In 2013, the top 3% of wealth holders owned ________ of the nation's wealth.
A. 25.5% B. 54.5% C. 75.3% D. 92.9%
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