-In Figure 3

question 41

Multiple Choice

-In Figure 3.1, if demand is considered perfectly inelastic, then the appropriate figure is?

• A)Figure 1
• B)Figure 2
• C)Figure 3
• D)Figure 4

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Definitions:

Relevant

Pertaining to something that is closely connected or appropriate to the matter at hand, especially in decision making or problem-solving.

Decision

The act of making a choice among various alternatives.

Opportunity Costs

The value of the next best alternative that is foregone as a result of making a decision, used in evaluating the relative cost of different choices.

Effective Management

Effective Management involves the process of planning, organizing, directing, and controlling resources and activities efficiently and effectively towards achieving organizational goals.