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

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Definitions:

Private Practitioner

A professional, often in law or healthcare, operating independently rather than as an employee of an organization.

Limited Practitioner

A professional who is authorized to provide certain legal services but does not have the full qualifications or rights of an attorney at law.

Date-Stamping

The process of marking documents with the date they are received or processed.

Bookkeeping

The systematic recording, organizing, and managing of financial transactions for a business or individual.