If Demand Is Inelastic

question 7

Multiple Choice

If demand is inelastic,

• A)then it changes very little in response to a price change.
• B)then it changes significantly in response to a price change.
• C)then demand is zero.
• D)then demand is infinite.

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Definitions:

Pennsylvania System

A penal system based on solitary confinement and rehabilitation of the prisoner.

General Contractor

A principal contractor who is responsible for the execution, completion, and day-to-day oversight of a construction project.

Lien Rights

Legal claims or rights against a property that are created to secure payment of a debt or performance of an obligation.

Subcontractors

Companies or individuals hired by a general contractor to perform specific tasks as part of a larger project.