What Term Accurately Describes Demand When the Quantity Demanded Is

question 116

Multiple Choice

What term accurately describes demand when the quantity demanded is NOT very responsive to changes in price?

• A) unit elastic
• B) inelastic
• C) independent
• D) elastic

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Definitions:

Foreign Products

Goods or services produced in one country and sold in another, outside of their country of origin.

Duties

Taxes imposed on the import and export of goods.

Protective Tariff

A tax imposed on imports to protect domestic industries from foreign competition by making imported goods more expensive.

Imported Beef

Beef that is brought into a country from another country for sale.