What type of demand is it, if a one-percent decrease in price results in more than one percent increase in quantity demand? Group of answer choices demand maintains the status quo demand is price inelastic. demand is price elastic. demand resulting in an income effect
What type of demand is it, if a one-percent decrease in price results in more than one percent increase in quantity demand? Group of answer choices demand maintains the status quo demand is price inelastic. demand is price elastic. demand resulting in an income effect
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
21-
What type of demand is it, if a one-percent decrease in price results in more than one percent increase in quantity demand?
Group of answer choices
demand is price elastic.
demand maintains the status quo
demand is price inelastic.
demand resulting in an income effect
22-
For which of the following is demand likely to be least elastic to price changes?
Group of answer choices
theater tickets
spring break vacations
restaurant meals
prescription drugs
23-
Which of the following is NOT a sales promotion directed at consumers?
Group of answer choices
premium
allowance (slotting fee)
sweepstakes
coupons
24-
When manufacturers or brands want to choose retailers, a key factor in that decision is
Group of answer choices
where their target customers expect to find their products
how many employees the retailers have
whether customers will find the store atmospherics appropriate to the location
if customers are using credit cards or cash to make purchases
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