When Quantity Demanded Responds Strongly to Changes in Price,demand Is

question 22

Multiple Choice

When quantity demanded responds strongly to changes in price,demand is said to be

• A)fluid.
• B)elastic.
• C)dynamic.
• D)highly variable.

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Definitions:

Free Trade Association

A group of countries that have agreed to eliminate tariffs, quotas, and preferences on most (if not all) goods and services traded between them.

EURO

The official currency of the Eurozone, which is used by 19 of the 27 European Union countries.

Official Currency

The legally established money within a country that is used as a medium of exchange, store of value, and unit of account.

GDP

Gross Domestic Product, the total value of all goods and services produced within a country in a given period, a primary indicator of economic health.