Question: Demand is said to be _ _ _ _ _ _ _ _ _ _ when the quantity demanded changes at the same proportion as

Demand is said to be __________ when the quantity demanded changes at the same proportion as the price.
inelastic
elastic
independent
unit elastic
Question 2

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Help me put a response to this (elasticity shows how responsive one variable is to changes in another variable. Further, price elasticity of demand summarizes how much the quantity demanded changes...

Q:

2. The more time consumers have to react to a price change, the greater will be their price elasticity of demand. a. True b. False l 3. The income elasticity of demand for an economically inferior...

Q:

1. Which term do economists use to represent responsiveness of one variable to a change in another variable? a. Sustainability b. Remarkability c. Susceptibility d. Elasticity 2. The more time...

Q:

Hi, could you please answer only 10 and 12 Onlin... b. Responsiveness of consumers to buy more 2. Elastic Demand percentage change in income. (less) of a product when their income change. C. A...

Q:

Part 2. Matching: Match the Key terms in Column "A" with the definitions in Column "B" by writing the block (upper) case letter of your choiceunder column "A" and match the definitions in column "B"...

Q:

Part 2. Matching: Match the Key terms in Column "A" with the definitions in Column "B" by writing the block (upper) case letter of your choice under column "A" and match the definitions in column "B"...

Q:

Directions: In this set of questions, you will demonstrate what you have learned about elastic and inelastic demand. Elasticity of Demand simply measures how responsive consumers are to price changes...

Q:

1. Elasticity of Demand measure of how responsive consumers are to price changes Elastic quantity demanded changes greatly as price changes - SO, A SMALL CHANGE IN PRICE WILL CAUSE PEOPLE TO EITHER...

Q:

Price Elasticity of Demand This activity is important because marketing managers want to know how sensitive consumer demand is to changes in a product's price. Price elasticity of demand measures...

Q:

Rent controls are examples of: a. Price ceilings b. Price floors c. Equilibrium prices d. The invisible hand 2.When a binding price ceiling is imposed in a market: a. A shortage results b. A surplus...

Q:

8,000.0 6,000.0 4,000.0 2,000.0 2,000.0) 4,000.0 (6,000.0) St-das-to chart. DOOO Operating cash flow Investing cash flow Financing cash flow Monthly cash balance ST-420-TO 01-Nov-15 Monthly Cash...

Q:

What credit decision is appropriate for a potential customer that offers a 75% chance of paying on a $10,000 sale which has an 80% cost?

Q:

Explain the concept of separate legal entity and its implications for organisations in general and how it specifically applies to Tesco PLC

Q:

This type of model 2 ( managed care ) organization is the most restrictive in terms of consumer choice, which only covers services delivered by the network of providers.

Q:

(Appendices) Kelly, age 35, spends most of her time at home taking care of her home and children. However, she works all day Friday and Saturday in her husbands computer store. She receives no...

Q:

(Appendices) One of the most critical problems in unemployment compensation at the present time is the inadequate financing of benefits, which caused the majority of states to deplete their trust...

Q:

(Appendices) Although workers compensation laws differ among the states, they have certain common features. Explain whether each of the following persons would be eligible for workers compensation...