If the Demand for a Product Is Price Inelastic

question 79

Multiple Choice

If the demand for a product is price inelastic,

• A)producers' revenues will increase if supply increases
• B)producers' revenues will increase if supply decreases
• C)a small change in price will cause a large shift in the demand curve
• D)a large change in price will cause a small shift in the demand curve
• E)a small change in price will cause a small shift in the demand curve

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Definitions:

Trait

A personal characteristic that is stable across situations and is used to describe or explain personality.

Carl Jung's Theory

A set of psychological theories that emphasize the collective unconscious, archetypes, and individuation as core elements of human psyche development.

Archetypes

Universal, inherited models of people, behaviors, or personalities that shape human experience and influence thoughts, actions, and desires.

Collective Unconscious

A concept in Jungian psychology referring to the part of the unconscious mind which is derived from ancestral memory and experience and is common to all humankind.