Examlex

Solved

Which of the Following Statements Is LEAST-Likely True

question 3

Multiple Choice

Which of the following statements is LEAST-Likely true?


Definitions:

Deadweight Loss

A reduction in economic effectiveness that happens when a good or service fails to reach or cannot reach its equilibrium.

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price.

Elastic

A characteristic of supply or demand that indicates a high sensitivity to changes in price.

Inelastic

Describes a situation where a change in price leads to a relatively small change in the quantity demanded or supplied.

Related Questions