(Appendix) a Demand Function That Has a Unitary Elasticity at Every

question 50

Multiple Choice

(Appendix) A demand function that has a unitary elasticity at every point will

• A)be a horizontal line.
• B)be negatively sloped and a straight line.
• C)have a positive slope when price is low.
• D)have a declining slope as price falls.

---

Definitions:

Third World

A term originally used to describe countries that were not aligned with either the capitalist First World or the socialist Second World during the Cold War, now often referring to developing countries.

Gross Domestic Product

The total market value of all goods and services produced within a country's borders in a specific time period, serving as a broad measure of economic activity.

Globalization

The process of interaction and integration among people, companies, and governments worldwide.

Inequality

The unequal distribution of resources, opportunities, and privileges among individuals or groups within a society, leading to disparities in wealth, power, and status.