If the Price Elasticity of Demand Is Equal to Zero

question 68

Multiple Choice

If the price elasticity of demand is equal to zero and the price was to rise, the quantity demanded would

• A) decrease slightly.
• B) fall to zero.
• C) not change.
• D) increase.

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Definitions:

Total Demand

The entire quantity of a product or service that consumers in a market are willing and able to buy over a specified time period, given all other factors being constant.

Market Share

The portion of a market controlled by a particular company or product, usually expressed as a percentage of total sales in that market.

Uniformly Spread

Evenly distributed or balanced in terms of allocation, use, or occurrence across a specified area or within a particular process.

Supply Chain Network Design

The strategic planning and setup of the structure and configuration of a supply chain, optimizing its efficiency and effectiveness.