Instructions: In order to receive full credit, you must make a selection for each option. For correct answer$($s$),$ click the box once to place a check mark. For incorrect answer$($s$),$ click the option twice to empty the box.

$3$ When the initial price is high and the initial quantity is low, the percentage change in quantity exceeds the percentage change in price, making demand inelastic.

$3$ When the initial price is low and the initial quantity is high, the percentage change in quantity is less than the percentage change in price, making demand elastic.

When the initial price is high and the initial quantity is low, the percentage change in quantity exceeds the percentage change in price, making demand elastic.

When the initial price is low and the initial quantity is high, the percentage change in quantity is less than the percentage change in price, making demand inelastic.