If Demand Is Inelastic,then

question 88

Multiple Choice

If demand is inelastic,then:

• A) Consumer spending does not respond to changes in income.
• B) Total revenue rises in response to a price decrease.
• C) Quantity demanded is very responsive to changes in price.
• D) Quantity demanded is not very responsive to changes in price.

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Definitions:

House of Representatives

One of the two chambers of the United States Congress, consisting of members elected to represent districts within each state, based on population.

James Madison

Fourth President of the United States (1809-1817), known as the "Father of the Constitution" for his pivotal role in drafting and promoting the U.S. Constitution and the Bill of Rights.

Constitutional Convention

The gathering that took place in 1787 in Philadelphia, where the Constitution of the United States was drafted and signed.

Alien and Sedition Acts

A series of laws passed in 1798 that made it harder for new immigrants to vote and criminalized making false statements against the federal government.