What Does a Relatively Steep Demand Curve Mean

question 43

Multiple Choice

What does a relatively steep demand curve mean?

• A) quantity demand will adjust slightly to a price change
• B) quantity demand will adjust greatly to a price change
• C) quantity demand will not adjust to a price change
• D) the change in quantity demand will exactly equal a change in price

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Definitions:

Anxiety

A psychological and physiological state characterized by somatic, emotional, cognitive, and behavioral components, which is often the result of stress and worry.

Depression

A common mental disorder characterized by persistent sadness, loss of interest in activities, and a range of physical and cognitive symptoms.

Obsessive-compulsive Personality Disorder

A mental disorder characterized by a preoccupation with orderliness, perfectionism, and control at the expense of flexibility, openness, and efficiency.

Obsessive-compulsive Disorder

A chronic disorder characterized by uncontrollable, reoccurring thoughts (obsessions) and behaviors (compulsions) that the individual feels the urge to repeat.