When quantity demanded and price increase by 10%,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 suggests that price and quantity are equally important to the consumer, as the consumer is willing to pay more for the same proportional increase in quantity.

When Quantity Demanded and Price Increase by 10%,you Know That