The Press Release Was Created

question 57

Multiple Choice

The press release was created

• A) during the administration of James Monroe in the 1810s.
• B) in the early twentieth century by a public relations firm working for a railroad.
• C) by Franklin Roosevelt in 1933.
• D) by Abraham Lincoln during the Civil War.

---

Definitions:

Inelastic

Describes a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.

Elastic

Describes a situation in economics where the supply or demand for a good or service significantly changes in response to changes in price.

Price Ceiling

A legal maximum price that can be charged for a particular good or service, aiming to keep prices affordable.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in the market.