If the demand for a product is elastic, then
A. The percentage change in quantity demanded is greater than the percentage in price.
B. The change in the quantity demanded is greater than the change in income.
C. The percentage change in price is greater than the percentage change in quantity demanded.
D. Buyers are not very sensitive to a change in price.
Answer: A
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Which of the following accurately describes an effect of hurricane Katrina on GDP?
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A) the market is in equilibrium. B) quantity demanded is greater than quantity supplied. C) quantity demanded is less than quantity supplied. D) prices will remain stable.