If demand is unit elastic, then
A) a ten percent increase in price leads to a one percent decrease in quantity demanded.
B) the unit change in quantity demanded equals the unit change in price.
C) a two percent increase in price leads to a two percent decrease in quantity demanded.
D) an increase in price of any amount leads to quantity demanded falling to zero.
C
You might also like to view...
In developing countries higher educational facilities have tended to expand to the point where social benefits exceed private benefits. What is the economic explanation for this?
What will be an ideal response?
In the above table, what is the marginal factor cost of the 2nd worker?
A) $24 B) $14 C) $64 D) $12
Since the 1950s, total private sector expenditures in the United States fell by half to 50 percent of GDP
a. True b. False Indicate whether the statement is true or false
Graphs are valuable because they facilitate interpretation of data.
Answer the following statement true (T) or false (F)