Assume That the Market for Pencils Is in Equilibrium and That

question 62

Multiple Choice

Assume that the market for pencils is in equilibrium and that demand is very price elastic. The popularity of digital tablets and electronic pens increases and demand for pencils declines. The equilibrium change in quantity demanded is:

• A) 0 (zero).
• B) relatively small.
• C) proportional to the shift in demand.
• D) relatively large.
• E) infinite.

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Definitions:

Political Strategy

A plan of action designed to achieve a specific political outcome, often involving campaigns, communications, and resources allocation.

Policy Proposals

Policy proposals are formal suggestions or plans presented to address specific issues or challenges, outlining strategies and actions intended to shape or influence public policy decisions.

Force Field Analysis

A management and decision-making tool used for analyzing the forces for and against a change to identify the most advantageous position.

Feasible Policy

A proposed course of action that is practical, achievable, and sustainable within the given constraints.