The Demand for a Product Is Inelastic with Respect to Price

question 145

Multiple Choice

The demand for a product is inelastic with respect to price if

• A)consumers are largely unresponsive to a per unit price change.
• B)the elasticity coefficient is greater than 1.
• C)a drop in price is accompanied by a decrease in the quantity demanded.
• D)a drop in price is accompanied by an increase in the quantity demanded.

---

Definitions:

Armed Forces

The military forces of a country, which include the army, navy, air force, and sometimes other branches, responsible for defense and warfare operations.

Military-Industrial Complex

The military-industrial complex refers to the close relationship and mutual interests among military leaders, government, and defense contractors, often criticized for promoting military expenditure and involvement in conflicts for profit.

Farewell Address

A statement or speech given by an important figure when leaving office, most famously associated with President George Washington's address in 1796, advising the United States on principles for future security and peace.

Environmental Pollution

The contamination of the natural environment by human activities, leading to harmful effects on living organisms and ecosystems.