If Your Demand for a Good Is ________, Then a 1

question 310

Multiple Choice

If your demand for a good is ________, then a 1 percent fall in its price will lead you to ________ your expenditures on the good.

• A) inelastic; increase
• B) inelastic; decrease
• C) elastic; increase
• D) elastic; decrease

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Definitions:

B2B

Business-to-Business, a type of commercial transaction between businesses, such as one involving a manufacturer and wholesaler or a wholesaler and retailer.

C2C

Consumer-to-consumer, a business model whereby consumers trade with each other, typically through an online platform.

B2C

Business-to-Consumer (B2C) refers to the process of selling products and services directly from businesses to the end-users or consumers.

C2B

Refers to Consumer-to-Business, a model where individuals sell products or services to businesses.