Perfectly Inelastic Demand Occurs When

question 125

Multiple Choice

Perfectly inelastic demand occurs when:

• A) consumers are extremely sensitive to a change in price.
• B) consumers are quick to alter their demand when the price changes.
• C) the quantity demanded is unchanged when the price changes by any amount.
• D) only large changes in price affect the quantity demanded.

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Definitions:

Behavioral Trends

Patterns or tendencies in behavior that are observable across a group of individuals or over time.

Inconsistent

Displaying a lack of regularity or predictability in actions, thoughts, or outcomes, leading to variability in behavior or results.

Person-Situation Debate

A discussion in psychology regarding the relative influence of personality traits versus situational factors in determining individuals' behaviors.

Walter Mischel

A psychologist best known for his research on personality theory and cognitive-affective behavior, including the famous marshmallow test associated with delayed gratification.