Which of the Following Is True of a Good with a Perfectly

question 73

Multiple Choice

Which of the following is true of a good with a perfectly elastic demand?

• A) For a given price change, the percentage change in quantity demanded of the good will be less than the percentage change in price.
• B) The demand curve for the good initially slopes upward, reaches its maximum, and then slopes downward.
• C) Even the smallest increase in the price of the good will cause consumers to stop consuming it completely.
• D) The quantity demanded of the good is completely unaffected by a price change.

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Definitions:

Avignon Papacy

The period from 1309 to 1377 during which seven successive popes resided in Avignon, France, rather than in Rome, leading to a significant schism in the Catholic Church.

Great Schism

Refers to two major divisions in Christian history; the first in 1054 between the Eastern (Orthodox) and Western (Catholic) Churches, and the second, beginning in 1378, a division within the Roman Catholic Church where rival popes were established.

Conciliar Movement

A reform movement in the medieval Christian Church aiming to resolve papal disputes by convening authoritative councils, asserting that such councils held supremacy over the Pope.

Reformation in England

The series of events in the 16th century when the Church of England broke away from the authority of the Pope and the Roman Catholic Church.