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QUESTION 21 If the percentage change in quantity demanded is greater than the percentage change in...

QUESTION 21

  1. If the percentage change in quantity demanded is greater than the percentage change in price for good A, then the demand for good A is

    a.

    inelastic.
    b.

    unit elastic.
    c.

    elastic.
    d.

    perfectly inelastic.

QUESTION 22

  1. If the percentage change in quantity demanded is less than the percentage change in price for good B, then the demand for good B is

    a.

    inelastic.
    b.

    unit elastic.
    c.

    elastic.
    d.

    perfectly elastic.

QUESTION 23

  1. If the percentage change in quantity demanded is equal to the percentage change in price for good C, then demand for good C is

    a.

    inelastic.
    b.

    unit elastic.
    c.

    elastic.
    d.

    perfectly elastic.
    e.

    perfectly inelastic.

QUESTION 24

  1. If quantity demanded is completely unresponsive to changes in the price of good ABC, then demand for good ABC is

    a.

    inelastic.
    b.

    unit elastic.
    c.

    elastic.
    d.

    perfectly elastic.
    e.

    perfectly inelastic.

QUESTION 25

  1. If quantity demanded becomes zero at the smallest percentage increase in price of good D, then demand for good D is

    a.

    inelastic.
    b.

    unit elastic.
    c.

    elastic.
    d.

    perfectly elastic.
    e.

    perfectly inelastic.
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Homework Answers

Answer #1

21.

If we talk in simple terms then if the percentage change of country demand is greater than percentage change in the price then the demand is elastic in nature

the correct answer is option C

22

if the percentage change of quantity is less than the percentage change in price in the demand then the demand is elastic

the correct answer is option a

23

if both the percentage of quantity and price is in same proportion then the demand is said to be unit elastic

the correct answer is option B

24

if change in quantity demanded is zero that we called quantity demanded is completely unresponsive then the demand is perfectly in elastic the

the correct answer is option E

25

Ig the quantity demanded becomes zero at the smallest percentage increase in the price then the demand is inelastic

the correct answer is option a

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