If a Consumer Is Relatively Insensitive to Changes in the Price

question 282

Multiple Choice

If a consumer is relatively insensitive to changes in the price of a good, then the consumer's demand for the good is

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

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Definitions:

Simplify

Simplifying or making something easier to comprehend.

Simplify

Simplifying a process or concept to enhance its understandability or execution by minimizing its complexity.

Simplify

The process of reducing a mathematical expression or problem to its most basic form.

Collect Like Terms

The process of simplifying algebraic expressions by combining terms that have the same variables raised to the same power.