Demand Is Inelastic If

question 122

Multiple Choice

Demand is inelastic if

• A)the percentage change in price is greater than the percentage change in quantity demanded
• B)the percentage change in price is less than the percentage change in quantity demanded
• C)the percentage change in price is equal to the percentage change in quantity demanded
• D)the value of price elasticity is equal to -1
• E)the value of price elasticity is less than -1

---

Definitions:

Component

Represents a part or element of a larger whole, especially a part of a machine or system.

Peaks Early

Refers to something that reaches its highest or most intense point of development, performance, or activity at an early stage.

Self-Serving Bias

The common tendency to attribute one's successes to personal factors and one's failures to external factors.

Collectivist Societies

Societies or cultures that prioritize the group over the individual, focusing on communal goals and shared responsibilities.