If the Price Elasticity of Demand Is Very Elastic, Which

question 62

Multiple Choice

If the price elasticity of demand is very elastic, which of the following could be a possible value of the elasticity?

• A) 2
• B) 1
• C) 1/3
• D) 0

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Definitions:

Moral Obligations

Ethical duties that a person feels compelled to perform based on personal beliefs about right and wrong, despite not being enforceable by law.

Illusory

Appearing to be real or possible, but actually being deceptive or unreal.

Adequate Consideration

Something of value exchanged between parties in a contract, which is fairly sufficient and corresponds to the terms and obligations agreed upon.

Arbitration Clause

A contract provision requiring disputes to be resolved by arbitration rather than in court.