Demand Is Perfectly Inelastic When

question 6

Multiple Choice

Demand is perfectly inelastic when

• A)a good has perfect substitutes.
• B)an increase in supply does not change total revenue.
• C)a decrease in supply decreases total revenue.
• D)the price elasticity of demand is negative.
• E)an increase in supply does not change the equilibrium quantity.

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Definitions:

Office Pens

Writing instruments specifically designated or commonly used within office settings or for professional tasks.

Appropriate Behaviour

Conduct that is considered suitable or proper in a specific context, often conforming to cultural or societal norms.

Results-oriented

Focused on achieving specific outcomes or goals rather than on the process used to achieve those outcomes.

Utilitarian View

A view of ethical behaviour that holds that ethical behaviour delivers the greatest good to the most people.