If the percentage change in price is 10 percent and the demand is elastic, then the percentage change in the quantity demanded
A) is greater than 0 percent but less than 10 percent.
B) is larger than 10 percent.
C) equals 0 percent.
D) equals 10 percent.
E) More information is needed to determine the magnitude of the change in the quantity demanded.
B
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The owner of a proprietorship has ________ liability and ________ required to use all of his or her entire wealth to pay for the firm's losses
A) limited; might be B) limited; is not C) unlimited; might be D) unlimited; is not
Which of the following would decrease the unemployment rate?
A) government aid to retrain unemployed workers B) an increase in the efficiency wage C) an increase in the minimum wage D) an increase in labor union membership
If product price decreases, then:
a. MP will increase. b. MFC will increase. c. MRP will increase. d. MRP will decrease.
In monopolistically competitive markets, economic losses ____, and ____ shifts the demand curve of the remaining firms to the ____
a. signal some remaining firms to exit; exit; right b. signal some remaining firms to exit; exit; left c. signal new firms to enter; entry; left d. signal new firms to enter; entry; right