When the Quantity Demanded Is Less Sensitive to a Change

question 77

Multiple Choice

When the quantity demanded is less sensitive to a change in price,then the absolute value of the price elasticity of demand is

• A) smaller.
• B) larger.
• C) close to infinity.
• D) close to 1.
• E) unaffected by the change in sensitivity.

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Definitions:

Receive Inventory

The process of accepting and documenting the arrival of goods or materials into a warehouse or storage facility.

Create Sales Receipt

A document that records a transaction where payment is received at the point of sale.

Purchase Order

A formal document sent from a buyer to a supplier to authorize the purchase of products or services at specified terms and conditions.

Providing Service

The act of performing work or assistance for customers or clients, usually in exchange for payment.