If Sellers Do NOT Respond at All to a Change

question 42

Multiple Choice

If sellers do NOT respond at all to a change in price:

• A)supply must be perfectly inelastic
• B)supply must be perfectly elastic
• C)a long period of time must have elapsed
• D)the rate of technological advancement must be great

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Definitions:

Security

Measures and protocols implemented to protect individuals, data, and assets from theft, attacks, or other threats.

Lower-Level Needs

Refers to the foundational physiological and safety needs in Maslow's hierarchy that must be satisfied before an individual can focus on higher-level psychological needs.

Primary Mechanism

The main or initial process by which a specific task or function is performed or facilitated.

Motivating People

The process of stimulating individuals to take action that leads to achieving their personal and professional goals.