If Demand Is Perfectly Elastic,it Follows That

question 90

Multiple Choice

If demand is perfectly elastic,it follows that

• A) as price changes, quantity demanded does not change.
• B) as price changes, quantity demanded changes by a larger percentage.
• C) as price changes only a small percentage, quantity demanded falls to zero.
• D) as income changes only a small percentage, quantity demanded changes by a very large percentage.
• E) none of the above

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Definitions:

Social Progress

Refers to the improved social conditions, justice, and quality of life within a society.

Cultural Capital

The non-financial social assets that promote social mobility beyond economic means, such as education, intellect, style of speech, and dress.

Academic Credentials

Certifications, degrees, or titles indicating someone's educational achievements and qualifications.

Socio-Economic Equilibrium

A state where all economic forces such as supply and demand are balanced, resulting in social stability and minimal disparities among different socio-economic groups.