Consider a market in which price is initially $6 and falls to $2. If we know that the price effect outweighed the quantity effect, we know the market is _____ and is more likely to be represented by _____.
A)elastic; Graph A
B)inelastic; Graph A
C)elastic; Graph B
D)inelastic; Graph B

Question

Consider a market in which price is initially $6 and falls to $2. If we know that the price effect outweighed the quantity effect, we know the market is _____ and is more likely to be represented by _____.
A)elastic; Graph A 
B)inelastic; Graph A 
C)elastic; Graph B 
D)inelastic; Graph B

Quizplus · Accepted Answer

The Answer of  Consider a market in which price is initially $6 and falls to $2. If we know that the price effect outweighed the quantity effect, we know the market is _____ and is more likely to be represented by _____.
A)elastic; Graph A 
B)inelastic; Graph A 
C)elastic; Graph B 
D)inelastic; Graph B

Consider a Market in Which Price Is Initially $6 and Falls