How Can the Market Demand for a Product Be Inelastic

question 107

Multiple Choice

How can the market demand for a product be inelastic but the demand for a particular firm is elastic?

• A) There is no advertising.
• B) There is a sufficiently large number of sellers.
• C) There is only one or two sellers.
• D) Buyers do not have complete information.

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Definitions:

Prefix

A group of letters placed at the beginning of a word to alter its meaning or create a new word, such as “un-” in “unhappy”.

-rrhea

A suffix used in medical terminology indicating a flow or discharge of a particular substance.

-pathy

A suffix used in medical terminology to denote a disorder or disease of a specified type or location.

-stomy

A suffix used in medicine to denote the creation of an opening or mouth, often surgically, into a body part or organ.