If Demand Changes Greatly with a Small Change in Price,we

question 95

Multiple Choice

If demand changes greatly with a small change in price,we say the demand is ________.

• A)inelastic
• B)variable
• C)elastic
• D)value-based
• E)fixed

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Definitions:

Monthly Profit

The net amount of money gained or lost by a business within a month after all revenues and expenses have been accounted for.

Slack Variables

Additional variables introduced into linear programming problems to convert inequality constraints into equality constraints.

Nonnegative

A term describing numbers that are greater than or equal to zero, excluding negative numbers.

A-type Steel Sheets

A classification of steel sheets, this term may refer to a specific quality, grade, or characteristic defined by a manufacturing or industry standard (assuming hypothetical; otherwise NO).