The Type of Member Function That May Be Called from a Statement

question 15

Multiple Choice

The type of member function that may be called from a statement outside the class is

• A) public
• B) private
• C) undeclared
• D) global
• E) None of these

Distinguish between elastic, inelastic, and unitary elasticity of demand.

Identify factors that affect the elasticity of demand for goods and services.

Understand how the time period affects the elasticity of demand.

Comprehend the effects of market definitions and availability of substitutes on demand elasticity.

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Definitions:

Stop Payment

A stop payment is a request made to a bank to not pay out on a check or payment that has been issued but not yet cashed.

Cheque

A written, dated, and signed instrument that directs a bank to pay a specific amount of money to the bearer.

Notice

A formal declaration or announcement, often legally required, to inform or warn of a particular action or condition.

Privity of Contract

The relationship that exists between the parties involved in a contract, giving them the ability to sue each other but not allowing a third party to do so.