If a Good Has an Elastic Demand, Then

question 19

Multiple Choice

If a good has an elastic demand, then:

• A) a small percentage change in price will cause a larger percentage change in quantity demanded.
• B) a small percentage change in price will cause virtually no change in quantity demanded.
• C) a large percentage change in price will cause a smaller change in quantity demanded.
• D) any percentage change in price will cause an almost immediate response in quantity demanded.

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Definitions:

Executive Search Firms

Companies specialized in recruiting high-level executives for organizations, often focusing on senior, executive, or other highly specialized positions.

Nepotism

Favoritism shown to relatives or friends by those in power, often by providing employment or other benefits regardless of merit.

Recruiters

Professionals who seek out, interview, and hire individuals to fill job vacancies within an organization.