In an Extreme Hypothetical Instance in Which the Price Change

question 220

Multiple Choice

In an extreme hypothetical instance in which the price change of a good elicited no change in quantity demanded, we would say that the item is

• A) perfectly elastic.
• B) perfectly inelastic.
• C) infinitely elastic.
• D) unitary elastic.

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Definitions:

North America

A continent located in the Northern Hemisphere, mostly in the Western Hemisphere, including countries such as the United States, Canada, and Mexico.

Financially Independent

The status of having enough personal wealth to live, without having to work actively for basic necessities.

Adulthood

The period in human development after adolescence, marked by full physical development, legal responsibilities, and social independence.

Endurance

The capacity to sustain a physical or mental effort for an extended period, often critical in sports, academics, and personal challenges.