If Demand Changes Considerably, with a Small Change in Price

question 81

Multiple Choice

If demand changes considerably, with a small change in price, the demand is said to be ________.

• A) unit elastic
• B) elastic
• C) inelastic
• D) marginal
• E) strained

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Definitions:

Factual Information

Data and details that are true and can be verified, not based on feelings or opinions.

Uncertain Environment

A condition in which there is a lack of predictability or stability in the external or internal environment, affecting organizational strategies and decisions.

Intuition

The ability to understand or know something immediately, without the need for conscious reasoning or analysis.

Decision Making

The method of selecting options through recognizing a decision to be made, collecting data, and evaluating different solutions.