If the Price Elasticity of Demand Is 0, Then Demand

question 96

Multiple Choice

If the price elasticity of demand is 0, then demand must be:

• A) totally inelastic
• B) unit elastic
• C) inelastic
• D) infinitely elastic

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Definitions:

Product Design

is the process of creating a new product to be sold by a business to its customers, focusing on specifications, functionality, appearance, and usability.

Modular Assemblies

Components that are produced separately but designed to be integrated with other modules to form a complete product.

Manufacturing

The process of converting raw materials or components into finished goods through the use of tools, human labor, machinery, and chemical processing.

Service Products

Intangible goods provided to consumers, such as healthcare, education, and financial advising, which cannot be physically possessed.