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lutik1710 [3]
3 years ago
15

If demand for a given good is elastic, then a given percentage change in price will bring about a(n) __________ percentage chang

e in quantity __________.
Business
1 answer:
Volgvan3 years ago
8 0

Answer:

The correct answer is letter "A": larger; demanded.

Explanation:

Elasticity is the characteristic of goods and services by which their quantity demanded changes in proportion to the change in prices. <em>Elasticity is calculated by dividing the percentage change in the quantity demanded by the percentage change in price.  </em>

<u><em>If the result is equal to or greater than one (1), the demand for the product is elastic, meaning a minimum change in price causes a greater change in quantity demanded</em></u>. If the result is lower than 1, the demand is inelastic which implies that changes in the price of a product almost do not change the quantity demanded.

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Suppose an economy is initially operating at long-run equilibrium when there is an increase in consumer optimism about the econo
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The correct option is Increase and Decrease respectively

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If Japan has a comparative advantage in the production of microchips,how would that affect their international trade?
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The teenage market is a market that is categorized in what way?
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2. Sorry, you didn't win the lottery, but here's a way you can still be a millionaire! Starting at age 22, every night you take
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8 0
3 years ago
FIRST SCENARIO: The economy has taken a turn for the worse. The president believes the government should get the economy moving
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The proposed response of Adam Smith based on each scenario is given below:

<h3>Scenario 1</h3>

He would say that the pricing system should remain the main determinant of the market and the interference of the government was uncalled for.

<h3>Scenario 2</h3>

He would side with the free market system and be an opponent of the law that frowns on importation.

<h3>Scenario 3</h3>

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<h3>Scenario 4</h3>

He would believe that markets should not be regulated and the free market system should continue.

<h3>Who is Adam Smith?</h3>

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Hence, we can see that the proposed response of Adam Smith based on each scenario is given above.

Read more about Adam Smith here:

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8 0
2 years ago
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