If the percentage change in the quantity demanded of a good is greater than the percentage change in price, price elasticity of demand is:
A. elastic.
B. inelastic.
C. perfectly inelastic.
D. perfectly elastic.
Answer: A
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If U.S. residents purchase $450 billion of foreign assets and foreigners purchase $575 billion of U.S. assets, then the U.S. has net capital outflows of -$125 billion and a trade deficit of $125 billion
a. True b. False Indicate whether the statement is true or false
Consider a point on a market demand curve. The point represents
A) a single price and the quantity demanded by an individual buyer. B) a single price and the sum of the quantities demanded by all buyers. C) various prices and various quantities demanded. D) a single price and the quantity demanded by an individual buyer at that price and all other prices. E) a and c
Which of the following refers to a short run phenomenon?
A. diminishing returns B. economies of scale C. constant returns to scale D. diseconomies of scale
Corporation income taxes are not levied on the income of partnerships or proprietorships.
Answer the following statement true (T) or false (F)