If a Business Finds That Demand for Its Good Is

question 20

Multiple Choice

If a business finds that demand for its good is very price elastic,it knows that

• A) price is very important.
• B) price is unimportant.
• C) price is unrelated.
• D) the effect of price is less important than the impact of the quantity consumers buy.
• E) the quantity consumers buy is unimportant.

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Definitions:

Graphical Display

Visual representations of data, including charts, graphs, and plots, used to convey information clearly and efficiently.

Title

The name of a book, composition, or other artistic work.

Three Dimensions

Describes an object or environment that has width, depth, and height, offering a sense of physical realism.

Axis

A reference line drawn in a graph or chart that defines a scale of measurement for data.