If the Quantity Demanded of a Certain Good Responds Only

question 263

Multiple Choice

If the quantity demanded of a certain good responds only slightly to a change in the price of the good,then the

• A)demand for the good is said to be elastic.
• B)demand for the good is said to be inelastic.
• C)law of demand does not apply to the good.
• D)demand curve for the good shifts only slightly in response to a change in price.

Understand how a budget constraint represents the trade-offs between different goods within a budget limit.

Grasp the concept of homogeneous products and their characteristics.

Appreciate the significance of income changes on consumer choice sets and budget constraints.

Learn the principle of diminishing marginal utility and how utility affects consumer choices.

---

Definitions:

Postwar Life

The period following a significant war, often marked by societal changes, reconstruction, and efforts to address the aftermath of the conflict.

Film Noir

A cinematic term used to describe stylish Hollywood crime dramas, particularly those that emphasize cynical attitudes and sexual motivations.

Antagonist

The major character in a film whose values or behavior is in conflict with that of the protagonist.

Liquidation

The process of bringing a business to an end and distributing its assets to claimants, often in the context of bankruptcy.