If the Quantity of Carrots Demanded Increases by a Large

question 163

Multiple Choice

If the quantity of carrots demanded increases by a large percentage when income increases by a small amount,the demand for carrots is

• A)price elastic.
• B)price inelastic.
• C)income inferior.
• D)income inelastic.
• E)income elastic.

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Definitions:

Quality

The degree to which a good, service, or idea meets the demands and requirements of customers.

Operations

The day-to-day activities and tasks involved in running a business or organization, focusing on the creation and delivery of products or services.

Production

The process of creating goods and services from various resources, involving stages such as planning, designing, and manufacturing.