Which of the Following Is True of Inelasticity of Demand

question 101

Multiple Choice

Which of the following is true of inelasticity of demand? 

• A) The supply of the product is greater than its demand. 
• B) Consumers are less sensitive to price increases. 
• C) Customers have low brand loyalty. 
• D) It leads firms to decrease profit margins.

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Definitions:

Remember The Alamo

A rallying cry referring to the Battle of the Alamo of 1836, a pivotal event in the Texas Revolution against Mexican rule, symbolizing the struggle for Texas independence.

Republic Of Texas

The independent sovereign country in North America that existed from 1836 to 1846, when it decided to join the United States as the 28th state.

Republic Of Texas

The sovereign nation that existed from 1836 to 1846, after gaining independence from Mexico and before becoming a state in the United States.

Slavery

A system in which individuals are owned by others, deprived of personal freedom, and forced to perform labor or services without compensation.