Use the figure below to answer the following questions. Figure 6.3.2
-Refer to Figure 6.3.2.At a quantity of 250 units,demand is
A)inelastic.
B)unit elastic.
C)elastic.
D)perfectly inelastic.
E)perfectly elastic.

Question

Use the figure below to answer the following questions.  Figure 6.3.2
-Refer to Figure 6.3.2.At a quantity of 250 units,demand is
A)inelastic. 
B)unit elastic. 
C)elastic. 
D)perfectly inelastic. 
E)perfectly elastic.

Quizplus · Accepted Answer

At a quantity of 250 units, demand is elastic because the percentage change in quantity demanded is greater than the percentage change in price, indicating that consumers are responsive to price changes.

Use the Figure Below to Answer the Following Questions