What Does It Tell You If Demand Is Price Inelastic

question 9

Multiple Choice

What does it tell you if demand is price inelastic?

• A) The change in quantity demanded is less than the price change in percentages.
• B) Demand does not change when price changes.
• C) Revenue falls when price increases.
• D) There are many producers.

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Definitions:

Machinery

Machines collectively or a single machine, especially those used in industrial or agricultural processes.

Mean Time Between Failures

A reliability metric that measures the average time elapsed between a system failing and the next time it fails.

Maintenance

The routine activities required to keep a machine, system, or facility operating efficiently and to prevent any unexpected failures.

Reliability

The likelihood that a system or component will perform its required functions for a specified period under stated conditions.