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If the absolute value of the price elasticity of demand for a product is less than 1, then

malabranche13

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If the absolute value of the price elasticity of demand for a product is less than 1, then

Question 1.

If the absolute value of the price elasticity of demand for a product is 2, and the price of a product increased 10 percent, then the quantity demanded will decline by

• 2 percent.

• 5 percent.

• 20 percent.

• 10 percent.

Question 2.

If the absolute value of the price elasticity of demand for a product is less than 1, then

• demand is elastic.

• demand is inelastic.

• quantity demanded is very sensitive to price changes.

• demand is unit-elastic.

Textbook

Economics Today: The Micro View

Edition: 19^th

Author: Miller

Read 52 times

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malabranche13 Author

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Correct

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