Answered: If the price of a good falls by 10% and…

If the price of a good falls by 10% and the percentage increase in the total amount consumers spend on the good is 10% then the good is -perfectly inelastic. -elastic. -inelastic. -unit elastic

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1SQP

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Question

If the price of a good falls by 10% and the percentage increase in the total amount consumers spend on the good is 10% then the good is

-perfectly inelastic.

-elastic.

-inelastic.

-unit elastic

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