Introduction to Economics 1 Deneme Sınavı Sorusu #1263259
Which of the following sentence is true about "demand"?
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Demand is inelastic when the percentage change in quantity demanded |
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Demand is inelastic when the percentage change in quantity demanded is smaller than the percentage change in price. |
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Demand curves are classified by economists according to their demand elasticity. |
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the price elasticity is closely related to the slope of the price curve |
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Total demand is computed as the price of a good times the quantity sold. |
Demand is inelastic when the percentage change in quantity demanded is smaller than the percentage change in price. Inelastic demand always takes a value between zero and -1. Demand is elastic when the percentage change (decrease) in quantity demanded is larger than the percentage change (increase) in price. Elastic demand has anabsolute value greater than 1.
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