If the Quantity Demanded of a Certain Good Responds Only

question 263

Multiple Choice

If the quantity demanded of a certain good responds only slightly to a change in the price of the good,then the

• A)demand for the good is said to be elastic.
• B)demand for the good is said to be inelastic.
• C)law of demand does not apply to the good.
• D)demand curve for the good shifts only slightly in response to a change in price.

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Definitions:

Dinner

A main meal typically eaten in the evening.

Frequency Distribution

A tabular or graphical representation showing how often each different value in a set of data occurs.

Jobs

Refers to positions of paid employment or roles within organizations where individuals perform specific tasks in exchange for compensation.

Sample

A sample is a subset of individuals, items, or data taken from a larger population for the purpose of analysis.