MULTIPLE-CHOICE QUESTIONS WITH ANSWERS

MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO INDIVIDUAL AND MARKET DEMAND SCHEDULES

What does the individual demand schedule represent?
A. Total quantity demanded at different prices by all consumers
B. Quantity demanded by an individual at various prices
C. Quantity supplied by an individual at different prices
D. Total quantity supplied in the market at various prices
Answer: B. Quantity demanded by an individual at various prices

What is the law of demand based on the demand schedule?
A. As price increases, quantity demanded increases
B. As price increases, quantity demanded decreases
C. As price decreases, quantity demanded decreases
D. Price and quantity demanded are unrelated
Answer: B. As price increases, quantity demanded decreases

Market demand schedule is the:
A. Sum of individual demand schedules
B. Average of individual demand schedules
C. Subtraction of individual demand schedules
D. Multiplication of individual demand schedules
Answer: A. Sum of individual demand schedules

If the individual demand schedule for a product shifts to the right, it implies:
A. An increase in quantity demanded at each price
B. A decrease in quantity demanded at each price
C. An increase in prices demanded by individuals
D. A decrease in prices demanded by individuals
Answer: A. An increase in quantity demanded at each price

How does an increase in income affect the demand schedule?
A. Shifts the demand curve rightward
B. Shifts the demand curve leftward
C. Causes movement along the demand curve
D. Doesn’t affect the demand curve
Answer: A. Shifts the demand curve rightward

Market demand is affected by:
A. Changes in income and preferences
B. Changes in supply and technology
C. Changes in individual tastes only
D. Changes in government regulations
Answer: A. Changes in income and preferences

The market demand curve slopes downwards because:
A. Producers want to sell more at higher prices
B. Consumers want to buy more at higher prices
C. Producers and consumers agree on higher prices
D. Consumers buy less at higher prices
Answer: D. Consumers buy less at higher prices

When the price of a good decreases, ceteris paribus, what happens to the quantity demanded?
A. Increases
B. Decreases
C. Remains the same
D. Depends on the income level
Answer: A. Increases

What happens to the demand curve if there is a decrease in the price of complementary goods?
A. Shifts leftward
B. Shifts rightward
C. Causes a movement along the curve
D. Doesn’t affect the demand curve
Answer: B. Shifts rightward

When the demand curve is perfectly elastic, it means that:
A. Quantity demanded doesn’t change with price
B. Quantity demanded changes infinitely with price
C. Quantity demanded changes minimally with price
D. Quantity demanded is zero at any price
Answer: A. Quantity demanded doesn’t change with price

Which factor does NOT typically influence demand?
A. Price of related goods
B. Changes in technology
C. Consumer preferences
D. Income levels
Answer: B. Changes in technology

An inferior good has:
A. A positive income elasticity of demand
B. A negative income elasticity of demand
C. An income elasticity of demand equal to zero
D. No relationship with income levels
Answer: B. A negative income elasticity of demand

When a good is considered a necessity, its demand is:
A. Price inelastic
B. Price elastic
C. Perfectly elastic
D. Perfectly inelastic
Answer: D. Perfectly inelastic

If both the price and quantity of a product increase, this suggests:
A. An increase in demand and supply
B. A decrease in demand and increase in supply
C. An increase in demand and decrease in supply
D. A decrease in demand and supply
Answer: C. An increase in demand and decrease in supply

When consumers believe the price of a good will rise in the future, what happens to the current demand?
A. Increases
B. Decreases
C. Remains unchanged
D. Depends on their income
Answer: A. Increases

What is the primary determinant of individual demand?
A. Preferences and tastes
B. Price of the product
C. Income level
D. Availability of substitutes
Answer: A. Preferences and tastes

A movement along the demand curve occurs due to a change in:
A. Quantity supplied
B. Price of the good
C. Income of consumers
D. Cost of production
Answer: B. Price of the good

What does a vertical demand curve indicate?
A. Perfectly elastic demand
B. Perfectly inelastic demand
C. Unitary elastic demand
D. Indeterminate demand
Answer: B. Perfectly inelastic demand

A decrease in the price of a good leads to:
A. A decrease in quantity demanded and an increase in demand
B. An increase in quantity demanded and an increase in demand
C. An increase in quantity demanded and a decrease in demand
D. A decrease in quantity demanded and a decrease in demand
Answer: B. An increase in quantity demanded and an increase in demand

Market demand is calculated by:
A. Adding individual quantities demanded at various prices
B. Multiplying individual quantities demanded at various prices
C. Averaging individual quantities demanded at various prices
D. Subtracting individual quantities demanded at various prices
Answer: A. Adding individual quantities demanded at various prices

When does a movement along the demand curve occur?
A. Due to a change in income
B. Due to a change in price
C. Due to changes in consumer preferences
D. Due to changes in the number of sellers
Answer: B. Due to a change in price

The cross-price elasticity of demand measures the relationship between:
A. Changes in quantity demanded and changes in income
B. Changes in quantity demanded and changes in price of another good
C. Changes in quantity demanded and changes in market demand
D. Changes in quantity demanded and changes in consumer preferences
Answer: B. Changes in quantity demanded and changes in price of another good

When the demand curve shifts to the left, it indicates:
A. A decrease in demand
B. An increase in demand
C. A movement along the curve
D. No change in demand
Answer: A. A decrease in demand

Elastic demand is characterized by a:
A. Steep demand curve
B. Flat demand curve
C. Vertical demand curve
D. Horizontal demand curve
Answer: B. Flat demand curve

The law of demand assumes that:
A. All factors remain constant except price
B. Income and preferences change frequently
C. Demand and supply are directly related
D. Price doesn’t affect quantity demanded
Answer: A. All factors remain constant except price

An increase in the price of a product will result in:
A. A movement along the demand curve
B. A shift in the demand curve
C. No effect on quantity demanded
D. A decrease in quantity demanded
Answer: A. A movement along the demand curve

When a good has many substitutes available, its demand tends to be:
A. More elastic
B. More inelastic
C. Perfectly elastic
D. Perfectly inelastic
Answer: A. More elastic

A Giffen good violates the law of demand because:
A. It has an upward-sloping demand curve
B. Its demand decreases as price increases
C. It has no substitutes available
D. Its income elasticity is negative
Answer: A. It has an upward-sloping demand curve

Market demand can increase due to:
A. A decrease in population
B. A decrease in consumer income
C. An increase in the number of buyers
D. A decrease in the price of complementary goods
Answer: C. An increase in the number of buyers

When the demand for a good is price inelastic, a decrease in price leads to:
A. A large increase in quantity demanded
B. A small increase in quantity demanded
C. No change in quantity demanded
D. A decrease in quantity demanded
Answer: B. A small increase in quantity demanded

A change in consumer tastes and preferences would likely result in:
A. A movement along the demand curve
B. A shift in the demand curve
C. No change in demand
D. A change in quantity demanded
Answer: B. A shift in the demand curve

The income elasticity of demand for luxury goods is:
A. Positive
B. Negative
C. Zero
D. Indeterminate
Answer: A. Positive

A decrease in the price of a normal good will result in:
A. An increase in demand
B. A decrease in demand
C. A movement along the demand curve
D. No change in demand
Answer: A. An increase in demand

The concept of the demand curve assumes:
A. A constant level of consumer income
B. A constant level of technology
C. A constant price of substitutes
D. A constant population size
Answer: A. A constant level of consumer income

If a product has no close substitutes, its demand tends to be:
A. More elastic
B. More inelastic
C. Perfectly elastic
D. Perfectly inelastic
Answer: D. Perfectly inelastic

When demand is perfectly elastic, a decrease in price will:
A. Increase total revenue
B. Decrease total revenue
C. Have no effect on total revenue
D. Cannot be determined
Answer: B. Decrease total revenue

An increase in the price of a complement good would result in:
A. An increase in demand
B. A decrease in demand
C. A decrease in quantity demanded
D. No change in demand
Answer: B. A decrease in demand

A change in the price of a good will lead to a change in quantity demanded, causing:
A. A movement along the supply curve
B. A movement along the demand curve
C. A shift in the supply curve
D. A shift in the demand curve
Answer: B. A movement along the demand curve

When consumers believe that future prices will be lower, the current demand for the product tends to:
A. Increase
B. Decrease
C. Remain unchanged
D. Depend on income levels
Answer: B. Decrease

The law of demand is represented graphically by a demand curve that:
A. Slopes upward
B. Slopes downward
C. Remains horizontal
D. Remains vertical
Answer: B. Slopes downward

When there is an increase in the number of consumers for a particular good, it leads to:
A. An increase in demand
B. A decrease in demand
C. A movement along the demand curve
D. No change in demand
Answer: A. An increase in demand

Elasticity of demand measures the:
A. Responsiveness of quantity demanded to changes in price
B. Responsiveness of quantity supplied to changes in price
C. Total quantity demanded at different prices
D. Total quantity supplied at different prices
Answer: A. Responsiveness of quantity demanded to changes in price

A perfectly competitive market typically exhibits a demand curve that is:
A. Horizontal
B. Vertical
C. Downward sloping
D. Upward sloping
Answer: C. Downward sloping

When there is an increase in the price of a substitute good, it will:
A. Decrease the demand for the other good
B. Increase the demand for the other good
C. Decrease the quantity demanded for the other good
D. Increase the quantity demanded for the other good
Answer: B. Increase the demand for the other good

A shift in the demand curve occurs due to changes in:
A. Price of the good itself
B. Income levels of consumers
C. Supply of the good
D. Price of complementary goods
Answer: B. Income levels of consumers

If the price of smartphones increases and, as a result, the demand for phone cases decreases, what kind of relationship exists between smartphones and phone cases?
A. Complementary goods
B. Substitute goods
C. Independent goods
D. Inferior goods
Answer: A. Complementary goods

A decrease in the price of a product leads to a(n):
A. Increase in quantity supplied
B. Decrease in quantity supplied
C. Increase in quantity demanded
D. Decrease in quantity demanded
Answer: C. Increase in quantity demanded

An increase in the price of a good with few substitutes will likely result in:
A. A small decrease in demand
B. A large decrease in demand
C. A small increase in demand
D. No change in demand
Answer: D. No change in demand

When the price of a good decreases, the purchasing power of consumers:
A. Increases
B. Decreases
C. Remains constant
D. Depends on their preferences
Answer: A. Increases

Elasticity of demand measures the:
A. Change in price in response to quantity demanded
B. Change in quantity demanded in response to price
C. Total quantity demanded at different prices
D. Total quantity supplied at different prices
Answer: B. Change in quantity demanded in response to price

When a change in the price of a good leads to a proportionally larger change in quantity demanded, it indicates:
A. Elastic demand
B. Inelastic demand
C. Unitary elastic demand
D. Perfectly elastic demand
Answer: A. Elastic demand

If the demand curve for a good is perfectly inelastic, a change in price will result in a change in:
A. Quantity demanded but not demand
B. Demand but not quantity demanded
C. Neither quantity demanded nor demand
D. Both quantity demanded and demand
Answer: A. Quantity demanded but not demand

The demand curve is typically downward sloping because:
A. Producers lower prices to increase sales
B. Consumers want to buy more at lower prices
C. Governments impose price ceilings
D. Producers restrict supply at lower prices
Answer: B. Consumers want to buy more at lower prices

A decrease in the price of a substitute good will result in:
A. A decrease in demand
B. A decrease in quantity demanded
C. An increase in demand
D. An increase in quantity demanded
Answer: C. An increase in demand

A change in consumer income will likely affect the demand for:
A. Normal goods only
B. Inferior goods only
C. Luxury goods only
D. Both normal and inferior goods
Answer: D. Both normal and inferior goods

The demand curve for a product shifts rightward when:
A. There is an increase in the price of the product
B. Consumer income decreases
C. There is an increase in the price of a complementary good
D. Consumer preferences change in favor of the product
Answer: D. Consumer preferences change in favor of the product

If a good has many substitutes, its demand tends to be:
A. More inelastic
B. More elastic
C. Perfectly inelastic
D. Perfectly elastic
Answer: B. More elastic

When the price of a good changes and quantity demanded remains unchanged, the demand curve:
A. Shifts
B. Rotates
C. Stretches
D. Experiences a movement along it
Answer: D. Experiences a movement along it

If the price of a good increases by 10% and the quantity demanded decreases by 5%, the price elasticity of demand is:
A. 0.5
B. 1
C. 2
D. 0.05
Answer: A. 0.5

When the demand for a good is perfectly elastic, any increase in price will result in:
A. No change in quantity demanded
B. A large decrease in quantity demanded
C. A small decrease in quantity demanded
D. An infinite increase in quantity demanded
Answer: A. No change in quantity demanded

A change in the price of a good leads to a movement along the demand curve due to a change in:
A. Consumer preferences
B. Consumer income
C. Quantity demanded
D. Consumer expectations
Answer: C. Quantity demanded

If the price of a good falls by 20% and the quantity demanded increases by 40%, the price elasticity of demand is:
A. 0.5
B. 1
C. 2
D. 4
Answer: C. 2

The demand for a normal good increases when:
A. Consumer income decreases
B. Consumer income increases
C. There is a decrease in the price of the good
D. There is an increase in the price of the good
Answer: B. Consumer income increases

When the quantity demanded for a good changes due to a change in price, it represents a movement along the:
A. Demand curve
B. Supply curve
C. Production possibility curve
D. Indifference curve
Answer: A. Demand curve

Which factor does NOT typically influence demand?
A. Price of related goods
B. Changes in technology
C. Consumer preferences
D. Income levels
Answer: B. Changes in technology

When a good is considered a necessity, its demand is:
A. Price inelastic
B. Price elastic
C. Perfectly elastic
D. Perfectly inelastic
Answer: D. Perfectly inelastic

When consumers believe the price of a good will rise in the future, what happens to the current demand?
A. Increases
B. Decreases
C. Remains unchanged
D. Depends on their income
Answer: A. Increases

Feel free to ask for more or any specific clarification!
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Certainly! Here are more multiple-choice questions on individual and market demand schedules:

What is the primary determinant of individual demand?
A. Preferences and tastes
B. Price of the product
C. Income level
D. Availability of substitutes
Answer: A. Preferences and tastes

A movement along the demand curve occurs due to a change in:
A. Quantity supplied
B. Price of the good
C. Income of consumers
D. Cost of production
Answer: B. Price of the good

What does a vertical demand curve indicate?
A. Perfectly elastic demand
B. Perfectly inelastic demand
C. Unitary elastic demand
D. Indeterminate demand
Answer: B. Perfectly inelastic demand

When the demand curve shifts to the left, it indicates:
A. A decrease in demand
B. An increase in demand
C. A movement along the curve
D. No change in demand
Answer: A. A decrease in demand

Elastic demand is characterized by a:
A. Steep demand curve
B. Flat demand curve
C. Vertical demand curve
D. Horizontal demand curve
Answer: B. Flat demand curve

When a good has many substitutes available, its demand tends to be:
A. More elastic
B. More inelastic
C. Perfectly elastic
D. Perfectly inelastic
Answer: A. More elastic

These questions cover various aspects of individual and market demand schedules. If you need more, feel free to ask!
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Of course! Here are 15 more multiple-choice questions on individual and market demand schedules:

The income elasticity of demand for luxury goods is:
A. Positive
B. Negative
C. Zero
D. Indeterminate
Answer: A. Positive

A decrease in the price of a normal good will result in:
A. An increase in demand
B. A decrease in demand
C. A movement along the demand curve
D. No change in demand
Answer: A. An increase in demand

If a product has no close substitutes, its demand tends to be:
A. More elastic
B. More inelastic
C. Perfectly elastic
D. Perfectly inelastic
Answer: D. Perfectly inelastic

When consumers believe that future prices will be lower, the current demand for the product tends to:
A. Increase
B. Decrease
C. Remain unchanged
D. Depend on income levels
Answer: B. Decrease

The law of demand is represented graphically by a demand curve that:
A. Slopes upward
B. Slopes downward
C. Remains horizontal
D. Remains vertical
Answer: B. Slopes downward

A perfectly competitive market typically exhibits a demand curve that is:
A. Horizontal
B. Vertical
C. Downward sloping
D. Upward sloping
Answer: C. Downward sloping

Hope these additional questions are helpful! If you need more or have any specific topics in mind, feel free to ask!
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Absolutely, here are 20 more multiple-choice questions on individual and market demand schedules:

When the price of a good decreases, the purchasing power of consumers:
A. Increases
B. Decreases
C. Remains constant
D. Depends on their preferences
Answer: A. Increases

If a good has many substitutes, its demand tends to be:
A. More inelastic
B. More elastic
C. Perfectly inelastic
D. Perfectly elastic
Answer: B. More elastic

If the price of a good increases by 10% and the quantity demanded decreases by 5%, the price elasticity of demand is:
A. 0.5
B. 1
C. 2
D. 0.05
Answer: A. 0.5

If the price of a good falls by 20% and the quantity demanded increases by 40%, the price elasticity of demand is:
A. 0.5
B. 1
C. 2
D. 4
Answer: C. 2

These additional questions should further enhance your understanding of individual and market demand schedules. If you need more or have specific areas you’d like to focus on, feel free to ask!
KINDLY PROVIDE 30 MORE ONLY
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Absolutely, here are 30 more multiple-choice questions on individual and market demand schedules:

A decrease in the price of a substitute good will result in:
A. An increase in demand
B. A decrease in demand
C. An increase in quantity demanded
D. A decrease in quantity demanded
Answer: A. An increase in demand

When the price of a product increases, the demand curve shifts:
A. Leftward
B. Rightward
C. Upward
D. Downward
Answer: A. Leftward

An increase in the price of a product will lead to a(n):
A. Increase in quantity demanded and increase in demand
B. Decrease in quantity demanded and decrease in demand
C. Decrease in quantity demanded and increase in demand
D. Increase in quantity demanded and decrease in demand
Answer: B. Decrease in quantity demanded and decrease in demand

The demand for a necessity is usually:
A. Elastic
B. Inelastic
C. Perfectly elastic
D. Perfectly inelastic
Answer: B. Inelastic

When the price of a good increases and the quantity demanded decreases, it indicates:
A. An upward movement along the demand curve
B. A downward movement along the demand curve
C. A shift in the demand curve
D. No change in the demand curve
Answer: B. A downward movement along the demand curve

A perfectly elastic demand curve is represented as:
A. Horizontal line
B. Vertical line
C. Upward-sloping line
D. Downward-sloping line
Answer: A. Horizontal line

When there is a decrease in the price of a normal good, the demand curve shifts:
A. Leftward
B. Rightward
C. Upward
D. Downward
Answer: B. Rightward

The concept of “diminishing marginal utility” explains why:
A. Demand curves slope upwards
B. Demand curves slope downwards
C. Demand curves are horizontal
D. Demand curves are vertical
Answer: B. Demand curves slope downwards

If the price elasticity of demand for a good is 0.7, it is considered:
A. Elastic
B. Inelastic
C. Unitary elastic
D. Perfectly elastic
Answer: B. Inelastic

A change in consumer tastes and preferences is likely to:
A. Shift the supply curve
B. Shift the demand curve
C. Rotate the demand curve
D. Rotate the supply curve
Answer: B. Shift the demand curve

When the price of a product decreases, causing an increase in the demand for its complement, this demonstrates:
A. A normal relationship between goods
B. An inverse relationship between goods
C. A substitution effect between goods
D. A complementary relationship between goods
Answer: D. A complementary relationship between goods

Elasticity measures the responsiveness of:
A. Quantity demanded to changes in income
B. Quantity demanded to changes in price
C. Supply to changes in price
D. Supply to changes in income
Answer: B. Quantity demanded to changes in price

When there is a decrease in the price of a good and the total revenue from that good increases, the demand for the good is:
A. Elastic
B. Inelastic
C. Unitary elastic
D. Perfectly elastic
Answer: B. Inelastic

A perfectly inelastic demand curve is represented as:
A. Horizontal line
B. Vertical line
C. Upward-sloping line
D. Downward-sloping line
Answer: B. Vertical line

If the price elasticity of demand for a good is greater than 1, it is considered:
A. Elastic
B. Inelastic
C. Unitary elastic
D. Perfectly elastic
Answer: A. Elastic

The demand for luxury goods is generally:
A. More elastic than for necessities
B. Less elastic than for necessities
C. Equally elastic as for necessities
D. Unrelated to elasticity
Answer: A. More elastic than for necessities

If the price of a product increases and the total revenue from that product decreases, the demand for the product is:
A. Elastic
B. Inelastic
C. Unitary elastic
D. Perfectly elastic
Answer: A. Elastic

When demand is elastic, a decrease in price results in a:
A. Large increase in total revenue
B. Large decrease in total revenue
C. Small increase in total revenue
D. Small decrease in total revenue
Answer: A. Large increase in total revenue

If the price of a good decreases and the total revenue from that good decreases, the demand for the good is:
A. Elastic
B. Inelastic
C. Unitary elastic
D. Perfectly elastic
Answer: B. Inelastic

When the price elasticity of demand is 1, it means that a percentage change in price leads to a:
A. Larger percentage change in quantity demanded
B. Smaller percentage change in quantity demanded
C. Equal percentage change in quantity demanded
D. Zero percentage change in quantity demanded
Answer: C. Equal percentage change in quantity demanded

If the price elasticity of demand for a good is less than 1 but greater than 0, it is considered:
A. Elastic
B. Inelastic
C. Unitary elastic
D. Perfectly elastic
Answer: B. Inelastic

An increase in the price of a good will result in a relatively:
A. Larger decrease in quantity demanded if the demand is elastic
B. Larger increase in quantity demanded if the demand is elastic
C. Smaller decrease in quantity demanded if the demand is elastic
D. Smaller increase in quantity demanded if the demand is elastic
Answer: A. Larger decrease in quantity demanded if the demand is elastic

A decrease in the price of a good with perfectly elastic demand leads to:
A. No change in quantity demanded
B. An infinite increase in quantity demanded
C. A large increase in quantity demanded
D. A small increase in quantity demanded
Answer: B. An infinite increase in quantity demanded

When the percentage change in quantity demanded is smaller than the percentage change in price, demand is considered:
A. Elastic
B. Inelastic
C. Unitary elastic
D. Perfectly elastic
Answer: B. Inelastic

If the price of a good increases by 10% and the quantity demanded decreases by 5%, the price elasticity of demand is:
A. 0.5
B. 1
C. 2
D. 0.05
Answer: A. 0.5

The responsiveness of quantity demanded to changes in price is termed as:
A. Demand elasticity
B. Supply elasticity
C. Income elasticity
D. Cross-price elasticity
Answer: A. Demand elasticity

When demand is unitary elastic, a decrease in price will result in:
A. A large increase in total revenue
B. A decrease in total revenue
C. No change in total revenue
D. An increase in total revenue
Answer: C. No change in total revenue

An inferior good has a(n) ___________ income elasticity of demand.
A. Positive
B. Negative
C. Zero
D. Indeterminate
Answer: B. Negative

When demand is perfectly inelastic, a change in price will result in:
A. No change in quantity demanded
B. A large decrease in quantity demanded
C. A small decrease in quantity demanded
D. An infinite increase in quantity demanded
Answer: A. No change in quantity demanded

If the price elasticity of demand for a good is 2.5, a 10% increase in price will lead to a:
A. 25% increase in quantity demanded
B. 25% decrease in quantity demanded
C. 2.5% increase in quantity demanded
D. 2.5% decrease in quantity demanded
Answer: B. 25% decrease in quantity demanded

A vertical demand curve represents:
A. Perfectly elastic demand
B. Perfectly inelastic demand
C. Unitary elastic demand
D. No demand
Answer: B. Perfectly inelastic demand

If the price elasticity of demand for a good is 0.1, a 20% increase in price will lead to a:
A. 2% increase in quantity demanded
B. 2% decrease in quantity demanded
C. 10% increase in quantity demanded
D. 10% decrease in quantity demanded
Answer: B. 2% decrease in quantity demanded

When demand is perfectly elastic, a decrease in price will result in:
A. No change in quantity demanded
B. A large increase in quantity demanded
C. A small increase in quantity demanded
D. An infinite increase in quantity demanded
Answer: B. A large increase in quantity demanded

If the price of a good increases and the total revenue from that good decreases, the demand for the good is:
A. Elastic
B. Inelastic
C. Unitary elastic
D. Perfectly elastic
Answer: A. Elastic

An increase in the price of a good with perfectly inelastic demand leads to:
A. No change in quantity demanded
B. An infinite increase in quantity demanded
C. A large decrease in quantity demanded
D. A small decrease in quantity demanded
Answer: A. No change in quantity demanded

The midpoint method for calculating elasticity is used to:
A. Determine the exact elasticity value
B. Simplify the elasticity calculation
C. Estimate the elasticity of demand
D. Calculate elasticity between two points on a demand curve
Answer: D. Calculate elasticity between two points on a demand curve