2. PLEASE JUST ANSWER WITH THE ANSWER WITH AN EXPLANATION. When a significant percentage change in the price results in a small percentage change in the requested quantity of a good, we will say that the demand is: a) inelastic. B) none of these answers. c) with unit elasticity. d) elastic.
2. PLEASE JUST ANSWER WITH THE ANSWER WITH AN EXPLANATION. When a significant percentage change in the price results in a small percentage change in the requested quantity of a good, we will say that the demand is: a) inelastic. B) none of these answers. c) with unit elasticity. d) elastic.
Chapter6: Elasticities
Section: Chapter Questions
Problem 1P
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Question
2.
PLEASE JUST ANSWER WITH THE ANSWER WITH AN EXPLANATION.
When a significant percentage change in the price results in a small percentage change in the requested quantity of a good, we will say that the demand is:
a) inelastic.
B) none of these answers.
c) with unit elasticity.
d) elastic.
3. Which of the following statements is a good way to distinguish a rarity from a shortage
A) none of these answers: a rarity and a shortage are essentially the
Same thing.
b) A rarity cannot be eliminated while a shortage can be eliminated In this case by an increase in the price
c) a shortage results from price control, while a rarity results from the fact that sellers prevent a certain amount of the product from being transported to the market
•D) a shortage means that you can't have everything you want at a zero price; a rarity means that you can't have everything you want at any price.
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