When quantity demanded responds substantially to change its price, demand is sai

Question

When quantity demanded responds substantially to change its price, demand is said to be inelastic. elastic. unit elastic. perfectly elastic Demand for a good would tend to be more inelastic the longer the time period considered. fewer the available substitutes. more information the buyer has of substitutes. the greater the portion of income spent. Suppose the price of Twinkies is reduced by 10% and, as a result, the quantity of Twinkles demanded increases by 20%, the price elasticity of demand for Twinkies in the given price range is I .00 and demand is elastic. 1 .55 and demand is inelastic. 2.00 and demand is unitary elastic. .50 and demand is inelastic.

Explanation / Answer

21.c 22.d 23.a 24.d 25.b 26

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