If Demand Hardly Changes with a Small Change in Price,we

question 51

Multiple Choice

If demand hardly changes with a small change in price,we say the demand is .

• A)inelastic
• B)variable
• C)at break- even pricing
• D)value- based
• E)market penetrating

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Definitions:

General Motors

An American multinational corporation that designs, manufactures, markets, and distributes vehicles and vehicle parts.

Total Profit

The total income a business obtains after accounting for all expenses, taxes, and costs associated with its operations.

Herfindahl-Hirschman Index

A concentration measure used to calculate the level of competition within an industry by summing the squares of the market shares of all firms within the industry.

Concentration Ratio

A measure used in economics to assess the degree of market concentration, often indicating the combined market share of the top firms in an industry.