If Demand Is Relatively Price Inelastic

question 11

Multiple Choice

If demand is relatively price inelastic:

• A) The quantity demanded never changes.
• B) The price never changes.
• C) The percentage change in quantity demanded is less than the percentage change in price.
• D) The percentage change in price is less than the percentage change in quantity demanded.

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Definitions:

Consent

Agreement or permission given by a person with full understanding of the facts and implications of an action or decision.

Creditor Beneficiary

A third party that benefits from a contract, especially one to whom a debtor owes a payment or performance.

Debt

An obligation or amount of money owed by one party to another, typically as a result of a loan or credit arrangement.

Contracts

Legally enforceable agreements between two or more parties that create mutual obligations.