If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is ?

Related Mcqs:

Which of the following would cause a demand curve for a good to be price inelastic ?

A. The good is luxury B. There are a great number of substitutes for the good C. The good is a necessity D. The good is an inferior good...

If the cross-price elasticity between two goods is negative the two goods are likely to be ?

A. substitutes B. complements C. necessities D. luxuries...

Technological improvements in agriculture that shift the supply of agricultural commodities to the right tend to ?

A. increase total revenue to farmers as a whole because the demand for food is elastic B. increase total revenue to farmers as whole because the demand for food is inelastic C. reduce total revenue to farmers as a whole because the demand for food is elastic D. reduce total revenue to farmers as a … Technological improvements in agriculture that shift the supply of agricultural commodities to the right tend to ?Read More...

If there is excess capacity in a production facility it is likely that the firm’s supply curve is ?

A. price inelastic B. none of these C. unit price elastic D. price elastic...

If the income elasticity of demand for a good is negative it must be ?

A. an elastic good B. an inferior good C. a normal good D. a luxury good...