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:

Homogenization

The process by which cultures, customs, or items become uniform and similar, often as a result of globalization, leading to the reduction of cultural diversity.

McWorld

A term referring to the globalization of markets, where cultural, economic, and lifestyle homogenization occurs globally.

Anti-globalization

A social movement that opposes the global integration of economies, arguing it leads to the erosion of local cultures, exploitation of workers, and environmental degradation.

Regionalization

The process of dividing an area into smaller regions, often to enhance administrative efficiency or reflect socio-cultural distinctions.