-The above table gives the demand schedule for a monopoly.The demand is inelastic over the entire price range between
A) $6 and $1.
B) $5 and $1.
C) $3 and $1.
D) $6 and $4.
E) $4 and $3.

Question

-The above table gives the demand schedule for a monopoly.The demand is inelastic over the entire price range between
A) $6 and $1. 
B) $5 and $1. 
C) $3 and $1. 
D) $6 and $4. 
E) $4 and $3.

Quizplus · Accepted Answer

Demand is considered inelastic when the percentage change in quantity demanded is less than the percentage change in price. This typically occurs when the absolute value of the price elasticity of demand is less than 1. Without the specific table data, the general principle is that in a range where consumers are relatively unresponsive to price changes (i.e., they continue to buy roughly the same amount despite price increases), demand is inelastic. The correct answer would be identified based on the table showing a smaller percentage change in quantity demanded compared to the percentage change in price within the specified price range.

-The Above Table Gives the Demand Schedule for a Monopoly