If Quantity Demanded Is Completely Unresponsive to Changes in the Price

question 128

Multiple Choice

If quantity demanded is completely unresponsive to changes in the price of good XYZ, then demand for good XYZ is

• A)inelastic.
• B)unit elastic.
• C)elastic.
• D)perfectly elastic.
• E)perfectly inelastic.

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Definitions:

Declaration

A formal or explicit statement, announcement, or pronouncement, often related to policies, intentions, or rights.

Fundamental Principles

Core beliefs or values that form the basis for a system, theory, or organization.

Core Labor Standards

Fundamental principles and rights at work established by the International Labour Organization, including freedom from forced labor, child labor, discrimination, and the right to collective bargaining.

Nontariff Trade Barrier

Restrictive regulations and policies other than tariffs that countries use to control the amount of trade across their borders, including quotas, embargoes, or standards.