A Good Is Said to Be Highly Inelastic If

question 269

Multiple Choice

A good is said to be highly inelastic if

• A) the absolute value of the elasticity is 1.
• B) the absolute value of the elasticity is greater than 1.
• C) there is a small change in quantity with a change in price.
• D) there is a large change in quantity with a change in price.

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Definitions:

Profit-Sharing Plan

A company program that gives employees a share in the profits, typically in the form of bonuses or stock options.

Annual Profits

This term refers to the total revenue from all sources within the year minus the total expenses, costs, and taxes needed to sustain the business.

Executives

Individuals who are in charge of managing and making key decisions within an organization.

Supervisors

Individuals in charge of overseeing and directing the work of others, typically in a workplace setting.