To find the average percentage change in price,
A) The change in price is divided by the average price.
B) The change in quantity is divided by the average quantity.
C) The change in quantity is divided by the change in price.
Correct Answer:
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Q1: Assume the price elasticity of demand for
Q2: If demand is very inelastic,
A)The demand curve
Q3: A demand curve that is perfectly inelastic
Q4: If demand is perfectly elastic,
A)The demand curve
Q5: If the demand for a product is
Q7: If the price of the iPod falls
Q8: Assume the price elasticity of demand for
Q9: Price elasticity of demand refers to
A)How responsive
Q10: When demand is inelastic
A)The percentage change in
Q11: Technically the elasticity number is negative because
A)When
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