If demand is elastic and the price of a product decreases by 10 percent, then
A) the change in quantity demanded is less than 10 percent.
B) the change in quantity demanded is equal to 10 percent.
C) the change in quantity demanded is greater than 10 percent.
D) the decrease in quantity demanded is greater than 0 percent.
C
You might also like to view...
When yield curves are downward sloping
A) long-term interest rates are above short-term interest rates. B) short-term interest rates are above long-term interest rates. C) short-term interest rates are about the same as long-term interest rates. D) medium-term interest rates are above both short-term and long-term interest rates.
The value of fiat money is fundamentally determined by the: a. reputation of the bank that holds it
b. reputation of the person who holds it. c. value of the gold or silver for which it can be redeemed. d. value of the commodities for which it can be traded. e. value of comparable stocks and bonds.
Nations specialize when they _____.
(A) Produce certain goods and services more efficiently than other nations. (B) Export more than they import. (C) Have few natural resources and are required to endure a trade deficit. (D) Import more than they export.
________: percent change in quantity supplied with respect to a percent change in the price of the product
Fill in the blank(s) with correct word