Demand Is Inelastic If _____

question 149

Multiple Choice

Demand is inelastic if _____

• A)the percentage change in price is greater than the percentage change in quantity demanded.
• B)the percentage change in price is less than the percentage change in quantity demanded.
• C)the percentage change in price is equal to the percentage change in quantity demanded.
• D)the absolute value of price elasticity is equal to 1.
• E)the absolute value of price elasticity is greater than 1.

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Definitions:

Legal Entity

An organization or business that is given legal rights and responsibilities, including the ability to enter into contracts and own property.

Common Mission

A shared goal or purpose that unifies the members of a group, organization, or partnership.

Organization

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For-Profit

For-profit refers to businesses or organizations that are operated with the main goal of making profit, as opposed to non-profit organizations that aim to serve a public or communal cause.