If Demand Is Perfectly Inelastic, Then

question 1

Multiple Choice

If demand is perfectly inelastic, then

• A)the own price elasticity of demand is infinite in absolute value.
• B)a small increase in price will lead to a situation where none of the good is purchased.
• C)the demand curve is vertical.
• D)neither will the demand curve be vertical, the own-price elasticity of demand be infinite in absolute value nor a small price increase lead to none of the good being purchased.

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Definitions:

Lessee

A person or entity that leases or rents property or equipment from another, the lessor, under the terms of a lease agreement.

Lessee

An individual or entity that leases property or equipment from another party, the lessor.

Landlord-Tenant Relationship

The legal and personal relationship between a property owner and the person renting that property.

Fair Housing Act (FHA)

A law enacted in the United States in 1968 aimed at prohibiting discrimination concerning the sale, rental, and financing of housing based on race, religion, national origin, sex, (and as later amended) disability and family status.