An economist recently estimated that for every 1% increase in the price of french fries at fast-food restaurants, 0.44% fewer french fries are sold. This indicates that the demand for fast-food french fries ismultiple choiceperfectly inelastic.unit-elastic.inelastic.elastic.

What is most likely to influence the price elasticity of demand for a food?1 pointA a change in consumer tastesB the number of close substitutesC the rate of inflationD whether the food can be stored easily

Demand is said to be elastic when the: Group of answer choicespercentage change in quantity demanded is less than the percentage change in price.percentage change in quantity demanded is greater than the percentage change in price.change in quantity demanded is less than the change in price.change in quantity demanded is greater than the change in price.

The price of apples falls by 5 percent and quantity of apples demanded increases by 6 percent. We conclude that the demand for apples is Group of answer choicesunit elastic.elastic.inelastic.perfectly elastic.

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.

If the absolute value of the price elasticity of demand for a good is .75, the demand for that good is described asMultiple Choicenormal.elastic.inferior.inelastic.