If the Slope of a Demand Curve Is Equal to -0.1

question 24

Multiple Choice

If the slope of a demand curve is equal to -0.1, then________.

• A)demand is inelastic.
• B)we do not know whether the demand is elastic or inelastic.
• C)the demand is elastic at low prices and inelastic at high prices.
• D)as price increases by 10 per cent, quantity demanded decreases by 1 per cent.

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Definitions:

Tobacco Products

Items produced from the tobacco plant for human consumption, including but not limited to cigarettes, cigars, pipe tobacco, and chewing tobacco.

Rational Basis Review

A standard of judicial review that examines if a law or governmental action is rationally related to a legitimate government interest.

Minimum Age

The lowest legal age at which an individual is allowed to partake in certain activities or assume particular responsibilities.

Grandfather Clause

A provision in which an old rule continues to apply to some existing situations while a new rule will apply to all future cases, often used within laws to exempt certain individuals or practices from new regulations.