When Demand Is Inelastic,the Price Elasticity of Demand Is

question 16

Multiple Choice

When demand is inelastic,the price elasticity of demand is

• A)less than 1,and price and total revenue will move in the same direction.
• B)less than 1,and price and total revenue will move in opposite directions.
• C)greater than 1,and price and total revenue will move in the same direction.
• D)greater than 1,and price and total revenue will move in opposite directions.

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Definitions:

Enforce Payment

The legal process or measures taken to compel the payment of a debt or financial obligation.

Exculpatory Clauses

Provisions in a contract that release one party from liability for damages caused during the execution of the contract, often by negligence.

Necessaries

Necessaries refer to essential items that a person requires for basic sustenance and living, such as food, clothing, and shelter.

Contracts With Minors

Agreements made with individuals under the age of majority, which are generally voidable at the discretion of the minor, with certain exceptions.