Draw a graph if it would help you answer the question. When demand is perfectly inelastic, there is no change in quantity demanded following a change in priceGroup of answer choicesTrueFalse

Demand is inelastic ifMultiple Choicethe quantity demanded changes more or less proportionately with the price.the quantity demanded does not change very much even if the price changes dramatically.the demand curve is bowed inward towards the origin.the demand curve is bowed outward away from the origin.

Choose the best option from below for a situation where quantity demanded changes by a smaller percentage than priceGroup of answer choicesInelastic demandElastic demand.Infinite elastic demandUnit elastic demand

Demand is said to be inelastic when:A. the percentage change in quantity demanded is greater than the percentage change in price of a goodB. in a linear demand curve, quantity demanded is close to zero (given the price) so that the percentage change in quantity demanded will be very highC. the percentage change in price exceeds the percentage change in quantity demanded of a goodD. a relatively small change in price results in a relatively big change in quantity demanded

An inelastic demand means thata.the change in quantity demanded is equal to the change in price.b.consumers respond directly to a change in income.c.consumers hardly respond to a change in price.d.consumers respond substantially to a change in price.

If the price elasticity of demand for a good is 5, then a 10 percent increase in price results in aGroup of answer choices0.5 percent decrease in the quantity demanded.2 percent decrease in the quantity demanded.5 percent decrease in the quantity demanded.50 percent decrease in the quantity demanded.