ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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For a particular good, a 12 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
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Demand is elastic.
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Demand is inelastic.
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Demand is “unit elastic.”
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None of the above.
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Explanation:
Detailed explanation-1: -For a particular good, a 12 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? For a particular good, a 2 percent increase in price causes a 12 percent decrease in quantity demanded.
There is 1 question to complete.