The Demand for a Good Is Inelastic with Respect to Price,if

question 30

Multiple Choice

The demand for a good is inelastic with respect to price,if the price elasticity of demand is:

• A)equals one.
• B)is greater than one.
• C)is less than one.
• D)equals negative one.

---

Definitions:

Leslie Sklair

A sociologist known for his contributions to the study of globalization, emphasizing the role of transnational practices and the global capitalist class.

Corporate Dominance

A condition where corporations and their interests predominantly determine social, economic, or political policies and practices, leading to significant influence over society.

First Modernity

The period characterized by the emergence of industrial society and the development of the nation-state, typically associated with the modern era before the onset of globalization.

Ulrich Beck

A sociologist recognized for his work on risk society, individualization, and reflexivity in contemporary society.