A Decrease in Demand Will Decrease Prices Least When Supply

question 67

Multiple Choice

A decrease in demand will decrease prices least when supply is

• A)elastic.
• B)unit elastic.
• C)inelastic (but not perfectly inelastic).
• D)perfectly inelastic.

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Definitions:

Community's Downtown

A central business district or the main business and commercial area of a town or city where the community often gathers for shopping, entertainment, and social activities.

Oldest Retail Setting

Traditional or ancient marketplaces that historically served as the original venues for commerce and trade.

Main Street

A term often used metaphorically to refer to the typical norms and economic activities of small-town or everyday life in America.

Economic Center

A significant location or region within a country or the world known for its strong economic activity, influence, or wealth.