If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent,then demand for textbooks is:
A)negative.
B)price inelastic.
C)price elastic.
D)perfectly inelastic.

Question

Quizplus · Accepted Answer

If the percentage change in quantity is less than the percentage change in price,then the elasticity will be less than one.When elasticity is less than one,demand is price inelastic.

If the Price of Textbooks Increases by One Percent and the Quantity