If the Percentage Change in Quantity Demanded Is Zero for Any

question 61

Multiple Choice

If the percentage change in quantity demanded is zero for any percentage change in the price of the good, demand is classified as:

• A)inelastic.
• B)perfectly inelastic.
• C)unit elastic.
• D)perfectly elastic.

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Definitions:

Liability Account

An accounting record of amounts owed to creditors, representing claims against the company’s assets.

Voucher System

A control process in accounting where vouchers are used to authorize and record transactions before payments are made.

Internal Control

Processes and procedures implemented by a company to safeguard assets, enhance the reliability of financial reports, and ensure compliance with laws and regulations.

Information

Data that is processed, organized, structured, or presented in a given context to make it meaningful and useful.