If Consumer Purchases of a Good Are Highly Sensitive to the Price

question 386

Multiple Choice

If consumer purchases of a good are highly sensitive to the price of the good, economists say the demand for the good is relatively

• A) inelastic.
• B) elastic.
• C) robust.
• D) inverse.

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Definitions:

Intrapreneur

An employee within a company who is given the freedom and financial support to create new products, services, systems, or businesses, acting as an entrepreneur within the organization.

Venture Capitalist

An investor who provides capital to startup companies and small businesses with perceived long-term growth potential.

Diversify

The strategy of allocating investments or resources across various assets, industries, or sectors to reduce risk and enhance potential returns.

Tolerance For Failure

The willingness or capacity of an individual or organization to endure the negative effects of failures in pursuit of success.