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Author Question: The price of cough medicine increases by 5% and quantity demanded remains unchanged. The demand for ... (Read 549 times)

mrsjacobs44

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Question 1

The price of apples falls by 5% and quantity demanded increases by 6%. This means that the demand for apples is
◦ inelastic.
◦ perfectly elastic.
◦ perfectly inelastic.
◦ elastic.

Question 2

The price of cough medicine increases by 5% and quantity demanded remains unchanged. The demand for cough medicine is
◦ perfectly elastic.
◦ unitarily elastic.
◦ income elastic.
◦ perfectly inelastic.


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Marked as best answer by mrsjacobs44 on May 25, 2020

lgoldst9

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