When quantity demanded and price increase by 10 percent,you know that price and quantity are ________ to the consumer.
A) equally important
B) everything
C) nothing
D) relatively important
E) relatively unimportant

Question

Quizplus · Accepted Answer

When both quantity demanded and price increase by the same percentage, it indicates that the consumer values the product to the extent that they are willing to pay more for it, suggesting that price and quantity are equally important to the consumer.

When Quantity Demanded and Price Increase by 10 Percent,you Know