If a Product's Price Rises by 6% and Its Quantity

question 175

Multiple Choice

If a product's price rises by 6% and its quantity demanded falls by 8%, then we can say that demand for this product is

• A) perfectly inelastic.
• B) inelastic.
• C) unitary elastic.
• D) elastic.

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Definitions:

Shareholders

Individuals or entities that own shares in a corporation, giving them ownership interests and possibly rights to dividends and voting in corporate matters.

Involuntary Dissolution

The forced termination of a corporation's existence by court order, often initiated by the state for legal or regulatory reasons.

Secretary of State

is a high-ranking official in the government responsible for foreign affairs and diplomatic activities, or in some countries, domestic affairs.

Annual Report

A comprehensive summary of a company's performance, activities, and financial health over a fiscal year, provided to shareholders and regulators.