If a one percent increase in the population leads to a five percent increa OA. the good is inelastic with respect to population. OB. the good is elastic with respect to population. OC. consumers are misinformed about the quality of the product. OD. the good is a fad.
If a one percent increase in the population leads to a five percent increa OA. the good is inelastic with respect to population. OB. the good is elastic with respect to population. OC. consumers are misinformed about the quality of the product. OD. the good is a fad.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 1SQP
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Transcribed Image Text:If a one percent increase in the population leads to a five percent increase in the quantity sold, an economist would claim
OA. the good is inelastic with respect to population.
B. the good is elastic with respect to population.
C. consumers are misinformed about the quality of the product.
OD. the good is a fad.
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