If Consumer Purchases of a Good Are Not Very Sensitive

question 194

Multiple Choice

If consumer purchases of a good are not very sensitive to the price of the good, economists say the demand for the good is relatively

• A) inelastic.
• B) elastic.
• C) robust.
• D) inverse.

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Definitions:

Pancreas

A gland situated behind the stomach that has both exocrine functions (digestive enzyme production) and endocrine functions (insulin and glucagon production).

Erythropoietin

A hormone produced primarily by the kidneys that regulates red blood cell production in response to oxygen levels in the body.

Mineralcorticoids

A class of corticosteroids, originating from the adrenal cortex, that regulate electrolyte and water balance.

Parathyroid Hormone

A hormone produced by the parathyroid glands responsible for regulating calcium levels in the blood.