Elasticity
8 practice questionsEconomicsStep-by-step solutions
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1
Demand for a good is described as 'elastic' when the price elasticity of demand is:
A.Greater than 1 (in absolute value)
B.Equal to 0
C.Less than 1
D.Always negative infinity
2
A good with price elasticity of demand greater than 1 is described as:
A.Elastic
B.Inelastic
C.Unit elastic
D.Perfectly inelastic
3
If a 10% price increase causes a 5% drop in quantity demanded, demand is:
A.Elastic
B.Inelastic
C.Unit elastic
D.Perfectly elastic
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