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Pachacha [2.7K]
2 years ago
8

what situation is occurring if a 1 percent decrease in price results in more than a 1 percent increase in quantity demand?

Business
1 answer:
Mekhanik [1.2K]2 years ago
3 0

Demand is price elastic, is occurring if a 1 percent decrease in price results in more than a 1 percent increase in quantity demand.

<h3>What is price elastic?</h3>

Price elastic of demand means the measurement of the product's demand with respect to its price.

It is common that if the price of a product will increase, the demand will fall, but some products demand fall more than other products, which is measure by price elastic in demand.

Thus, the correct option is demand is price elastic.

Learn more about demand is price elastic.

brainly.com/question/20630691

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Explain why unions have declined in power in the last few decades.
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Answer: See explanation

Explanation:

There are a number of reasons for the reduction in the power of unions in the last few decades.

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Also, there is a reduction in the number of unions in the ndustrial sector. Some states have a right to work laws in place which has also led to reduction in the power of the unions.

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3 years ago
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Answer:

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In terms of dollars, the marginal benefit of working five days a week instead of four days a week is A) the wages received for 4
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