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Figure: The Demand for Shirts
-(Figure: The Demand for Shirts) Look at the figure The Demand for Shirts. If the price is below _____, demand is inelastic.
A) $10
B) $20
C) $30
D) $40

Question

Use the following to answer questions:
Figure: The Demand for Shirts 
-(Figure: The Demand for Shirts) Look at the figure The Demand for Shirts. If the price is below _____, demand is inelastic.
A) $10 
B) $20 
C) $30 
D) $40

Quizplus · Accepted Answer

Demand is inelastic when the percentage change in quantity demanded is less than the percentage change in price. Typically, demand becomes inelastic at higher prices, so if the price is below $30, demand is likely inelastic.

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