The Price of Insulin Increases by 5% and Quantity Demanded

question 102

Multiple Choice

The price of insulin increases by 5% and quantity demanded of insulin remains unchanged. The demand for insulin is:

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

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Definitions:

Bank Statement

A document issued by a bank detailing transactions, balances, and other financial information over a period of time for a specific account.

Stale Check

A check that is not presented to a bank within six months of its date.

Properly Payable Rule

A principle in banking law where banks are only obligated to pay checks that are correctly drawn up and meet all legal requirements.

Electronic Fund Transfer

The electronic transfer of money between accounts, facilitated by a network of computers, allowing for quick and secure transactions without the need for physical exchange of cash or checks.