If Quantity Demanded Is Completely Unresponsive to Price Changes, Demand

question 234

Multiple Choice

If quantity demanded is completely unresponsive to price changes, demand is

• A)perfectly inelastic.
• B)perfectly elastic.
• C)relatively inelastic.
• D)relatively elastic.

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Definitions:

Asset Account

An account that represents a resource owned or controlled by a business, expected to provide future economic benefits.

Debit

An entry recorded on the left side of an account in double-entry bookkeeping that increases asset or expense accounts, or decreases liability, equity, or revenue accounts.

Liability Account

An accounting record of obligations or debts that a company owes to others, typically outside of the company.

Increase

An upward adjustment or growth in value, quantity, or size.