Figure 7-3
-Figure 7-3 depicts a demand curve with a price elasticity that is
A) perfectly elastic, implying that consumers will purchase as much as can be supplied at the market price.
B) relatively inelastic, implying that a percent increase in price results in a smaller percent reduction in sales.
C) unitary, implying that a percent change in price leads to an equal percent change in quantity demanded.
D) perfectly inelastic, implying that the same amount will be purchased regardless of the price of the good.

Question

Figure 7-3 
-Figure 7-3 depicts a demand curve with a price elasticity that is
A) perfectly elastic, implying that consumers will purchase as much as can be supplied at the market price. 
B) relatively inelastic, implying that a percent increase in price results in a smaller percent reduction in sales. 
C) unitary, implying that a percent change in price leads to an equal percent change in quantity demanded. 
D) perfectly inelastic, implying that the same amount will be purchased regardless of the price of the good.

Quizplus · Accepted Answer

The Answer of Figure 7-3 
-Figure 7-3 depicts a demand curve with a price elasticity that is
A) perfectly elastic, implying that consumers will purchase as much as can be supplied at the market price. 
B) relatively inelastic, implying that a percent increase in price results in a smaller percent reduction in sales. 
C) unitary, implying that a percent change in price leads to an equal percent change in quantity demanded. 
D) perfectly inelastic, implying that the same amount will be purchased regardless of the price of the good.

Figure 7-3 -Figure 7-3 Depicts a Demand Curve with a Price Elasticity