Demand Is Said to Be Inelastic If the

question 213

Multiple Choice

Demand is said to be inelastic if the

• A)quantity demanded changes proportionately more than price.
• B)price changes proportionately more than income.
• C)quantity demanded changes proportionately less than price.
• D)quantity demanded changes proportionately the same as price.

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Definitions:

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price points at a given moment.

Inconsistency

The lack of uniformity or steadiness in actions, values, or outcomes, leading to unpredictability or variability.

Regulation

The establishment and enforcement of rules or laws by government or regulatory bodies to govern behavior in specific industries or areas.