Suppose 50 loaves of bread are demanded at a particular price. If that price rises by 4 percent, the quantity demanded of bread decreases to 45 loaves, which means
A) demand is elastic.
B) demand is unit elastic.
C) the price elasticity of demand is equal to 0.8.
D) demand is inelastic.
E) consumers are very unresponsive to a price change.

Question

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The Answer of Suppose 50 loaves of bread are demanded at a particular price. If that price rises by 4 percent, the quantity demanded of bread decreases to 45 loaves, which means
A) demand is elastic.
B) demand is unit elastic.
C) the price elasticity of demand is equal to 0.8.
D) demand is inelastic.
E) consumers are very unresponsive to a price change.

Suppose 50 Loaves of Bread Are Demanded at a Particular