If Demand Changes Greatly with a Small Change in Price,we

question 95

Multiple Choice

If demand changes greatly with a small change in price,we say the demand is ________.

• A)inelastic
• B)variable
• C)elastic
• D)value-based
• E)fixed

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Definitions:

Firm

Having a solid, unyielding surface or structure, often used to describe physical objects or business establishments with strong foundations.

Principles

Fundamental beliefs or guidelines that drive decision-making and actions within various disciplines or aspects of life.

Standing

The position or status of being upright on the feet to support the weight of the body.

Busy Reception

A scenario where the reception area of a business or office is experiencing high levels of activity and visitor volume.