When the price of petrol rises by 8 the quantity of petrol-09032
When the price of petrol rises by 8%, the quantity of petrol purchased falls by 6%. This shows that the demand for petrol is:
This multiple choice question (MCQ) is related to the book/course
vu eco401 Economics.
It can also be found in
vu eco401 Mid Term - Quiz No.9.
When the price of petrol rises by 8%, the quantity of petrol purchased falls by 6%. This shows that the demand for petrol is:
Perfectly elastic.
Unit elastic.
Price elastic.
Price inelastic.
