Demand Is Said to Be Inelastic If the

question 213

Multiple Choice

Demand is said to be inelastic if the

• A)quantity demanded changes proportionately more than price.
• B)price changes proportionately more than income.
• C)quantity demanded changes proportionately less than price.
• D)quantity demanded changes proportionately the same as price.

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Definitions:

Base Cost

The original value or purchase price of an asset for tax purposes, used to determine capital gains or losses.

Salable Item

A product or good that can be sold in the market.

Revenue Received

The actual income that a company or organization receives during a specific period, typically from sales of goods or services.

Operational Performance

Evaluation of an organization's effectiveness in producing its goods or services, considering efficiency and productivity.