Supply Demand And Price Elasticity Test

Supply Demand And Price Elasticity Test
This work of ECO 212 Week 2 Individual Assignment Supply Demand and Price Elasticity Quiz shows the solutions to the following problems:
1. If a 20% decrease in the price of long distance phone calls leads to a 35% increase in the quantity of calls demanded, we can conclude that the demand for phone calls is:
a. elastic.
Supply Demand And Price Elasticity Test
b. inelastic.
c. unit elastic.
d. stretchy elastic.
2. Which of the following pairs are examples of substitutes?
Supply Demand And Price Elasticity Test
a. Popcorn

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