You Recently Raised Your Prices on the Products You Sell

question 59

Multiple Choice

You recently raised your prices on the products you sell to your business customers. To your surprise, these customers did not change the amount of units they purchase from you. It was as if the price increase did not matter to these customers. Which of the following types of business demand most accurately describes this situation?

• A) Constant demand
• B) Inelastic demand
• C) Joint demand
• D) Elastic demand
• E) Derived demand

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Definitions:

Insulin

A hormone produced by the pancreas that regulates the amount of glucose in the blood.

Neurosecretory Cell

Specialized neuron that secretes a hormone into the blood in response to an action potential.

Action Potential

A temporary reversal of an electric membrane potential, allowing for signal conduction in neurons.

Anterior Pituitary Cell

A type of cell located in the anterior lobe of the pituitary gland, responsible for producing and releasing hormones that regulate various bodily functions.