Inelastic Demand Simply Means That

question 123

Multiple Choice

Inelastic demand simply means that

• A) buyers will not make a modified rebuy purchase.
• B) demand depends on how many items are purchased.
• C) a price increase or decrease will not significantly change the demand for an item.
• D) when price goes up, demand goes down.
• E) when supply is reduced, the price will increase.

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Definitions:

Summarize

To condense or provide an overview of the main points of a larger set of information without going into detail.

Worksheets

Individual pages within an Excel file where users can store and manipulate data in rows and columns.

Error Checking

A feature or tool in software applications that scans for mistakes or inconsistencies in data or code and alerts the user to potential errors.

Evaluate Formula

A process in spreadsheet applications that allows the user to see the calculation process of a formula step-by-step.