Demand Can Be Said to Be Inelastic When

question 60

Multiple Choice

Demand can be said to be inelastic when:

• A) an increase in price results in a reduction in total revenue.
• B) a reduction in price results in an increase in total revenue.
• C) a reduction in price results in a decrease in total revenue.
• D) the elasticity coefficient exceeds one.

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Definitions:

Loathsome Disease

Historically referred to communicable diseases considered dangerous and highly contagious, often requiring quarantine; now less commonly used terminology.

Trespass to Personal Property

An intentional interference with someone's personal property without the owner's consent.

Conversion

An unauthorized act that deprives an owner of personal property without their consent.

Trespass to Land

An unauthorized intrusion by a person onto land that is possessed by another, constituting a private nuisance or offense.