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tion If a 5% increase in price leads to an 8% decrease in quantity demanded, demand is Select one: O a. inelastic O b. elastic O c. perfectly inelastic O d. perfectly elastic Oe. unit elastic

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 3QR

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Question

of
Jestion
If a 5% increase in price leads to an 8% decrease in quantity demanded, demand is
Select one:
O a. inelastic
O b. elastic
Oc. perfectly inelastic
O d. perfectly elastic
O e. unit elastic

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