Demand Is Said to Be ______________ When a Small Change

question 98

Multiple Choice

Demand is said to be ______________ when a small change in price produces a large change in demand,while it is said to be ______________ when a large change in price produces only a small change in demand.

• A) inelastic; elastic
• B) small; large
• C) large; small
• D) elastic; inelastic
• E) changeable; resistant

Understand consumer protection laws and their impact on sales, warranties, and deceptive practices.

Analyze the role and limitations of the Sale of Goods Act concerning negotiation and title transfer.

Recognize the legal ramifications of defective goods and the avenues for recourse available to consumers and businesses.

Understand the legal framework around negotiable instruments, including cheques and drafts, and the rights of parties involved.

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Definitions:

Social Savvies

Individuals who are highly knowledgeable and proficient in navigating and utilizing social media platforms.

Connect

To establish a relationship or a link between people, objects, systems, or information, often facilitating communication, interaction, or access.

Privacy Salience

The extent to which privacy considerations are prominent or important to an individual, often influencing behavior and attitudes towards information sharing and protection.

Unauthorized Secondary Use

The use of data or information for purposes different from those originally intended or authorized, without permission.