Which of the following is true with own price elasticity? Kindly explain the answer. thank you! A. The longer the time under consideration, the more price elastic is the demand because the consumers can find more substitutes in the long run B. Necessities are less price elastic compared to luxuries C. The consumers reduced their purchase of good x by 3% when the price of good x increased by 10%, the demand for good x is price inelastic D. The consumers reduced their purchase of good x by 15% when the price of good x increased by 10%, good x is price elastic E. All are true
Which of the following is true with own price elasticity? Kindly explain the answer. thank you! A. The longer the time under consideration, the more price elastic is the demand because the consumers can find more substitutes in the long run B. Necessities are less price elastic compared to luxuries C. The consumers reduced their purchase of good x by 3% when the price of good x increased by 10%, the demand for good x is price inelastic D. The consumers reduced their purchase of good x by 15% when the price of good x increased by 10%, good x is price elastic E. All are true
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Which of the following is true with own price elasticity? Kindly explain the answer. thank you!
A. The longer the time under consideration, the more price elastic is the demand because the consumers can find more substitutes in the long run
B. Necessities are less price elastic compared to luxuries
C. The consumers reduced their purchase of good x by 3% when the price of good x increased by 10%, the demand for good x is price inelastic
D. The consumers reduced their purchase of good x by 15% when the price of good x increased by 10%, good x is price elastic
E. All are true
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