When Demand Is Inelastic

question 56

Multiple Choice

When demand is inelastic

• A)The percentage change in price is greater than the percentage change in quantity demanded.
• B)Buyers are very sensitive to changes in price.
• C)The product in demand has many substitute goods.
• D)The percentage change in quantity demanded is greater than the percentage change in price.

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Definitions:

Misperceptions

Incorrect interpretations or understandings of a situation, person's words, or the world.

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Ethics And Business

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