The price elasticity of demand is 5.0 if a 10 percent increase in the price results in a ________ decrease in the quantity demanded
A) 2 percent
B) 5 percent
C) 10 percent
D) 50 percent
D
Economics
You might also like to view...
In the economic way of thinking, a wetland is a scarce good. Thus,
A) there is a substitute for a wetland. B) there is no substitute for a wetland. C) wetlands should be preserved at any cost. D) wetlands can be preserved at no cost. E) economists don't like wetlands.
Economics
In Figure 4-5 above, the money market is in equilibrium
A) at points B, C, and E. B) at points A and E. C) only at point E. D) at points E and D. E) at points A, B, E, and C.
Economics
A sustained decrease in an economy's price level is known as deflation
a. True b. False Indicate whether the statement is true or false
Economics
The ____ phase of the business cycle follows a recession
a. recovery b. recession c. peak d. trough
Economics