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Economics, Microeconomics
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Demand/Elasticity
48. If demand is relatively price inelastic:
A) a 1 percent increase in price evokes a less than 1 percent decrease in quantity demanded.
B) a 1 percent increase in price evokes a larger than 1 percent decrease in quantity demanded.
C) a 1 percent decrease in price evokes a larger than 1 percent increase in quantity demanded.
D) a 1 percent decrease or increase in price induces no change in total revenue.
E) none of the above.
By OTA: Ramas Ramaswami, PhD
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D. coefficient of elasticity
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A. normal
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