Suppose the price of a bus ticket rises from $2.75 to $3 and the number of tickets sold falls from 10 000 to 8500, the price elasticity of demand is:
A) elastic.
B) unitary elastic.
C) perfectly elastic.
D) inelastic.
Correct Answer:
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Q1: When a 2 per cent increase in
Q2: On a part of the demand curve
Q4: If demand price elasticity measures 2, this
Q5: The short-run price elasticity of demand for
Q7: Price elasticity of demand measures:
A) the responsiveness
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Q9: If Pete raises the price of his
Q10: Karin is a popular hairdresser in a
Q11: Price elasticity of demand can be:
A) only
Q31: If the price elasticity of demand for
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