Demand Is Said to Be _______ When the Quantity Demanded

question 4

Multiple Choice

Demand is said to be _______ when the quantity demanded changes at the same proportion as the price.

• A) elastic
• B) unit elastic
• C) inelastic
• D) independent

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Definitions:

Using Analogies

The practice of understanding something by comparing it to something else that is seemingly unrelated but shares some relevant characteristics.

Assimilate Information

The process of absorbing and integrating new information into one's existing knowledge base.

Activate Information

To put knowledge into use or action, typically in order to achieve a specific objective.

Decision Making

The cognitive process of selecting a course of action among multiple alternatives.