Which of the following statements is TRUE? Group of answer choices: The elasticity of demand is always the same as the elasticity of supply. Elasticity of demand attempts to measure how fast quantity increases when price increases. If the elasticity of demand is –4, then economists know that the price is increasing at a faster percentage rate than quantity. The price elasticity of demand is always a negative number, but economists generally ignore the minus sign.
Which of the following statements is TRUE? Group of answer choices: The elasticity of demand is always the same as the elasticity of supply. Elasticity of demand attempts to measure how fast quantity increases when price increases. If the elasticity of demand is –4, then economists know that the price is increasing at a faster percentage rate than quantity. The price elasticity of demand is always a negative number, but economists generally ignore the minus sign.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter19: Elasticity
Section: Chapter Questions
Problem 2QP: For each of the following, identify where demand is elastic, inelastic, perfectly elastic, perfectly...
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Question
Which of the following statements is TRUE?
Group of answer choices:
The elasticity of demand is always the same as the elasticity of supply.
Elasticity of demand attempts to measure how fast quantity increases when price increases.
If the elasticity of demand is –4, then economists know that the price is increasing at a faster percentage rate than quantity.
The price elasticity of demand is always a negative number, but economists generally ignore the minus sign.
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