Inelastic Demand Implies

question 312

Multiple Choice

Inelastic demand implies

• A) that a one percent increase in price results in a smaller than one percent decrease in quantity demanded.
• B) that a one percent increase in price results in a larger than one percent decrease in quantity demanded.
• C) that a one percent cut in price results in a larger than one percent increase in quantity demanded.
• D) that a one percent decrease or increase in price induces no change in total revenue.

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Definitions:

Scientific Attitude

A mindset that involves curiosity, skepticism, and open-mindedness when approaching scientific questions.

Observable Behaviors

Actions or reactions of an organism, person, or system that can be seen and measured directly.

Value Judgments

Assessments based on personal or societal beliefs about what is important, right, or desirable.

Athletic Performance

The level of skill or achievement demonstrated by an athlete in the context of sports competitions.