Suppose a decrease in price increases quantity demanded from 8 to 12. Using the mid-point formula, the percentage change in quantity demanded is:
A. 0.1, and is elastic.
B. 40 = 400 percent.
C. 0.40 = 40 percent.
D. 0.40 = 40 percent.
C. 0.40 = 40 percent.
You might also like to view...
Spot transactions
A) involve immediate settlement. B) may only take place in face-to-face trading. C) take place on-the-spot, rather than on an organized exchange. D) are relatively unimportant in financial markets.
The need to issue paper money increased with the frequent use of checks
Indicate whether the statement is true or false
Which of the following is the best example of specialization in the economic sense??
a. A factory produces goods using high-tech equipment. b. A factory focuses production on one type of good. c. A factory gives workers access to many types of training. d. A factory cross-trains workers to perform a range of tasks.
The market demand is the:
A. horizontal sum of all individual demand curves in a market. B. horizontal sum of all individual prices in a market. C. sum of all individual demand curves and supply curves in a market D. vertical sum of all individual demand curves.