If Demand Is Inelastic

question 7

Multiple Choice

If demand is inelastic,

• A)then it changes very little in response to a price change.
• B)then it changes significantly in response to a price change.
• C)then demand is zero.
• D)then demand is infinite.

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Definitions:

Public Good

Goods or services that are available for use by all members of a society, typically provided without profit by the government, such as public parks or national defense.

Various States

Diverse or different states within a country, especially in a federal system where states have certain levels of autonomy and unique laws and policies.

Republic

A form of government in which power is held by the elected representatives of the people, and the head of state is usually a president.

Revolutionary-era

The period marked by political and social upheavals leading up to, during, and immediately following the American Revolution, characterized by the American colonies' struggle for independence from British rule.