A Good Is Inelastic If

question 121

Multiple Choice

A good is inelastic if:

• A)total revenue increases as a result of a price increase.
• B)the quantity effect outweighs the price effect of a price increase.
• C)the measured elasticity is greater than 1.
• D)None of these is true.

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Definitions:

Legislative Delegation

The process by which legislative authorities give regulatory agencies the power to create rules and regulations based on the statutes the legislature has enacted.

Injunction

A court order requiring a party to do or refrain from doing specific acts, often issued to protect a plaintiff's rights while a case is pending.

Federal Supremacy

The ability of federal laws to defeat inconsistent state laws in case they conflict.

Judicial Activism

The actions of a court that goes beyond its established legal boundaries, often seen in the creation of new legal precedents or in making decisions based on personal or political considerations rather than existing law.