When Demand for a Product Is Inelastic and Prices Are

question 65

Multiple Choice

When demand for a product is inelastic and prices are increased, usually demand will:

• A)increase, and operating profits will increase
• B)remain the same, and operating profits will increase
• C)decrease, and operating profits will decrease
• D)remain the same, and operating profits will decrease

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Definitions:

House Un-American Activities Committee

In 1938, a group within the U.S. House of Representatives was formed to carry out probes into supposed disloyalty and activities undermining the state among private individuals, government workers, and organizations believed to be connected with Communism.

"Name Names"

A phrase associated with the HUAC hearings where individuals were asked to accuse others of being Communists or having Communist affiliations, often leading to blacklisting and ruined careers.

Plead The Fifth

A legal principle allowing a witness to refuse to answer questions where the answers might incriminate them, deriving from the Fifth Amendment to the United States Constitution.

Blacklist

A Blacklist refers to a list of entities or individuals who are under suspicion, excluded, or barred from a particular activity, industry, or group, often for political reasons or misconduct.