If the Demand for Bread Is Inelastic, Which Scenario Might

question 185

Multiple Choice

If the demand for bread is inelastic, which scenario might occur?

• A) A 10% increase in the price of bread causes a 10% decline in its quantity demanded.
• B) A 5% increase in the price of bread causes a 10% decline in its quantity demanded.
• C) A 10% increase in the price of bread causes a 5% decline in its quantity demanded.
• D) A 5% decrease in the price of bread causes a 10% increase in its quantity demanded.

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Definitions:

Bureaucratic Model

A system of administration that operates through a fixed set of rules and procedures, often used in large organizations to ensure consistency and control.

Quasi-judicial Grievance Procedures

These are formal processes used within organizations to resolve disputes between employees and employers, mimicking judicial proceedings.

Flexibility

Flexibility in the workplace refers to the adaptability of work arrangements, such as schedules and tasks, to accommodate both business needs and employees’ personal lives.

Contract Administration

The management of contracts made with customers, vendors, partners, or employees, focusing on ensuring compliance with terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation.