Which of the Following Statements Best Describes Inelastic Demand

question 85

Multiple Choice

Which of the following statements best describes inelastic demand?

• A) The demand curves appear to be fairly flat.
• B) The percentage change in quantity demanded results from a price change greater than the percentage change in price.
• C) Price elasticity of demand is greater than one.
• D) Consumers are not very responsive to changes in price.

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Definitions:

Neo-Freudian Psychologist

Refers to psychologists who were influenced by Freud but extended his theories, often focusing more on social and environmental factors in personality.

Catharsis

The process of releasing, and thereby providing relief from, strong or repressed emotions through particular activities or experiences.

Ego Suppression

Ego suppression involves consciously or unconsciously restraining or setting aside the ego and its desires or needs, often found in practices aiming at self-improvement or spiritual growth.

Neurotic Need

Refers to persistent and counterproductive emotional needs that arise from psychological conflicts and anxieties.