Introduction to Economics 1 Deneme Sınavı Sorusu #1278343
Which of the following is true?
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Demand is elastic when the percentage change in quantity demanded is smaller than the percentage change in price. |
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Inelastic demand always takes a value between zero and -1. |
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Elastic demand always takes a value between zero and -1. |
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Ineastic demand has an absolute value greater than 1. |
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Demand is inelastic when the percentage change in quantity demanded is larger than the percentage change in price. |
Inelastic demand always takes a value between zero and -1.Elastic demand has an
absolute value greater than 1. Demand is inelastic when the percentage change in quantity demanded is smaller than the percentage change in price. Demand is elastic when the percentage change (decrease) in quantity demanded is larger than the percentage change
(increase) in price. Answer is B.
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