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When the percentage change in the quantity demanded is greater than the percentage change in price then price elasticity of demand is quizlet?

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When the percentage change in the quantity demanded is greater than the percentage change in price?

If the percentage change in quantity demanded is greater than the percentage change in price, demand is said to be price elastic, or very responsive to price changes.

When the percentage change in quantity demanded is greater than the percentage change in price in absolute value then we can say that the demand is?

The absolute value of the ratio of the percentage change in quantity demanded to the percentage change in price would be greater than 1. This happens when demand is elastic.

When the percentage change in the quantity demanded is less than the percentage change in price then demand is quizlet?

Demand is inelastic when the percentage change in quantity demanded is less than the percentage change in price, so the price elasticity is less than 1 in absolute value.

When the quantity demanded is completely unresponsive to price and the price elasticity of demand equals zero is?

When a good has an elasticity of zero it is called "perfectly" inelastic. This means that the supply and/or demand of the product will not change at all even as its price changes.

percentage change quantity demanded greater price price elasticity demand quizlet

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