Ask Question
BusinessBusiness
6 December, 12:43

If the demand for cell phone service is inelastic, then the quantity demanded does not change in response to changes in price. the percentage change in quantity demanded is greater than the percentage change in price (in absolute value). the percentage change in quantity demanded is less than the percentage change in price (in absolute value). the percentage change in quantity demanded is equal to the percentage change in price.

+4
Answers (1)
  1. 6 December, 12:57
    0
    the percentage change in quantity demanded is less than the percentage change in price (in absolute value).

    Explanation:

    Inelastic demand is when the demand for a product remains relatively constant, even if its price changes. Goods and services considered essential have inelastic demand. Foods stuff and petrol will have a constant demand regardless of their price levels.

    A small percentage change in the price of an inelastic good or service will have minimal changes in its demand. For example, drinking water is an essential commodity. A small change in its price will not have any significant change in demand because people will need to drink water regardless of its price. Therefore, a small percentage change in price causes a lesser percentage change in quantity demanded.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If the demand for cell phone service is inelastic, then the quantity demanded does not change in response to changes in price. the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Based on the corporate valuation model, Gay Entertainment's total corporate value is $1,200 million. The company's balance sheet shows $120 million of notes payable, $300 million of long-term debt, $50 million of preferred stock, $180 million of
Answers (1)
Tristan transfers property with a tax basis of $900 and a fair market value of $1,200 to a corporation in exchange for stock with a fair market value of $900 and $200 in a transaction that qualifies for deferral under section 351.
Answers (1)
Guido Properties owes First State Bank $60 million under a 7% note with two years remaining to maturity. Due to financial difficulties of Guido, the previous year's interest ($4.2 million) was not received.
Answers (1)
The internal rate of return: Question 5 options: may produce multiple rates of return when cash flows are conventional is best used when comparing mutually exclusive projects is rarely used in the business world today is principally used to evaluate
Answers (1)
After hearing that a local tire company was looking for a new firm to handle their advertising, Kevin scheduled a sales presentation to try to persuade the company to sign on with his advertising business.
Answers (1)
New Questions in Business
Now that we have explored the problem, let's turn to the solution is an example of an internal preview. a. Trueb. False
Answers (1)
Suppose that while melissa was on the coast, she also spent two days sightseeing the national parks in the area.
Answers (1)
On a large construction project, the price of dry wall is $.40 per square foot and spraying the dry wall with textured plaster is $.45 per square yard. how much must the builder pay for sprayed dry wall that is 100 square yards?
Answers (1)
Which statement describes the equity‑efficiency trade‑off? There is always a more equitable outcome that is also more efficient. Government intervention can increase efficiency in a market. The least efficient economic outcome is the fairest outcome.
Answers (1)
You would like to buy shares of Nokia (NOK). The current bid and ask quotes are $20.13 and $20.15, respectively. You place a market buy-order for 300 shares that executes at these quoted prices. How much money did it cost to buy these shares?
Answers (1)
Home » Business » If the demand for cell phone service is inelastic, then the quantity demanded does not change in response to changes in price. the percentage change in quantity demanded is greater than the percentage change in price (in absolute value).
Sign Up Forgot Password?