If the quantity of a product sold falls by 9 percent as its price rises by 12 percent, you can conclude that:

Name: If the quantity of a product sold falls by 9 percent as its price rises by 12 percent, you can conclude that:
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Question

Quizplus · Accepted Answer

Demand is price inelastic because the percentage decrease in quantity demanded is less than the percentage increase in price, indicating that consumers are relatively insensitive to price changes.

If the Quantity of a Product Sold Falls by 9