If the Demand for Insulin Is Inelastic,an Increase in Insulin

question 242

Multiple Choice

If the demand for insulin is inelastic,an increase in insulin prices leads to

• A) less total revenue for insulin makers.
• B) more total revenue for insulin makers.
• C) no change in total revenue for insulin makers.
• D) first a decrease, then an increase in total revenue for insulin makers.
• E) Total revenue probably changes, but we need more information about the change in total expenditures on insulin to determine if the total revenue rises, falls, or stays the same.

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Definitions:

Muscle Spasms

Involuntary contractions of a muscle or group of muscles, often painful and typically caused by muscle fatigue or stress.

Patronizing

Treating condescendingly.

Closed-Ended Question

A type of question that is formulated to receive a specific, limited response, usually "yes" or "no," or a choice from among options.

Biases

Prejudices or inclinations towards or against something or someone, often considered to be unfair.