Which of the Following Describes a Situation in Which Demand

question 46

Multiple Choice

Which of the following describes a situation in which demand must be inelastic?

• A) Total revenue decreases by 10 percent when the price of jeans rises by 10 percent.
• B) Total revenue decreases by less than 10 percent when the price of jeans rises by 10 percent.
• C) Total revenue increases by more than 10 percent when the price of jeans rises by 10 percent.
• D) Total revenue decreases by $10 when the price of jeans rises by $10.
• E) Total revenue decreases by more than $10 when the price of jeans rises by $10.

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Definitions:

Big Five

A model describing five major dimensions of human personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Openness To Experience

The degree to which one is curious, receptive to new ideas, and imaginative.

Curiosity

A strong desire to learn or know something, often characterized by an inquisitive and explorative behavior.

Open Person

Refers to an individual who is receptive to new ideas, experiences, and typically characterized by transparency and approachability.