When Consumers Are Sensitive to Price Changes,_____ Occurs

question 55

Multiple Choice

When consumers are sensitive to price changes,_____ occurs.

• A) inelastic demand
• B) elastic supply
• C) elastic demand
• D) inelastic supply
• E) unitary elasticity

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Definitions:

Trade Associations

Organizations founded and funded by businesses that operate in a specific industry, aimed at promoting their collective interests.

State Agencies

Governmental organizations operating at the state level that perform specific functions or regulatory duties.