What Does the Following Statement Imply About Price Elasticity of Demand

question 119

Multiple Choice

What does the following statement imply about price elasticity of demand? "Consumers unfazed by 400 percent increase in price of table salt - grocers see no change in sales!"

• A)elasticity of demand for salt is equal to one
• B)demand for salt is elastic
• C)salt is too narrowly defined to determine price elasticity of demand
• D)demand for salt is almost perfectly inelastic in the relevant price range
• E)salt is too broadly defined to determine price elasticity of demand

Analyze the relationships between public agencies and legislators, including strategies for developing effective relationships.

Compare and contrast various technologically based communication methods and assess their advantages and disadvantages.

Define networks and articulate their significance in the delivery of services.

Recognize the complex nature of public policy development and the role of bargaining and negotiation.

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Definitions:

Inferred Trust

A trust implied by law to work out justice between the parties, based on certain circumstances or conduct, as opposed to being established by explicit words.

Vicarious Performance

Performance by another designated person of the obligations under a contract rather than the actual contracting party.

Qualified Person

An individual who possesses the necessary education, experience, and credentials to perform a specific job or task.

Privity of Contract

A legal concept stating that only the parties to a contract have the right to sue each other to enforce the terms of that contract.