If Demand Hardly Changes with a Small Change in Price

question 75

Short Answer

If demand hardly changes with a small change in price, we say the demand is ________.
variable
inelastic
value-based
at break-even pricing
market penetrating

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Definitions:

Observed Behavior

The actions or reactions of an individual or group that are visible and can be recorded or noted.

Self-administered Reinforcement

A behavior modification technique where individuals give themselves rewards or punishments to increase or decrease certain behaviors.

Reward

An item, event, or outcome that increases the likelihood of a behavior being repeated, crucial in the processes of learning and conditioning.

Punishment

A consequence given in response to an action or behavior deemed unacceptable or wrong, intended to discourage that behavior.