Inelastic Demand Simply Means That

question 170

Multiple Choice

Inelastic demand simply means that

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

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Definitions:

Moral Decision-Making

The process of evaluating and choosing among alternatives in a manner consistent with ethical principles.

Reassess

The act of evaluating or examining something again to make new judgments or to account for new information.

Recall

The ability to retrieve and reproduce information or experiences from one's memory.

Laissez-Faire

An economic theory advocating minimal government intervention in the affairs of private businesses and individuals.