If Demand Hardly Changes with a Small Change in Price

question 113

Multiple Choice

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

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

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Definitions:

Purpose

The purpose behind why something is done, created, or exists.

Petty Cash Fund

A small amount of cash on hand used for minor or incidental expenses within a business.

Journal Entries

Records of financial transactions within the accounting system of a business, showing the accounts affected and the amounts involved.

Reimburse

To pay back or compensate for money that has been spent or lost.