Table 7-3

-Refer to Table 7-3.Over what range of prices is the demand inelastic?
A)over the entire range of prices
B)between $12 and $16
C)between $8 and $16
D)between $2 and $8

Question

Table 7-3
 
-Refer to Table 7-3.Over what range of prices is the demand inelastic?
A)over the entire range of prices 
B)between $12 and $16 
C)between $8 and $16 
D)between $2 and $8

Quizplus · Accepted Answer

Demand is inelastic when the percentage change in quantity demanded is less than the percentage change in price. This typically occurs at lower price ranges, such as between $2 and $8, where consumers are less sensitive to price changes.

Table 7-3 -Refer to Table 7-3.Over What Range of Prices Is the of Prices