The Figure Given Below Shows the Demand Curves for Five

question 42

Multiple Choice

The figure given below shows the demand curves for five products: A, B, C, D, and E.Figure 6.1

-If the demand for a good is perfectly inelastic, then:

• A)the value of price elasticity of demand of the good is equal to 1.
• B)the value of price elasticity of demand of the good is equal to -1.
• C)the demand curve of the good is nonexistent.
• D)consumers are very responsive to a change in the price of the good.
• E)quantity demanded does not change when price of the good changes.

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Definitions:

Personality Development

The process of forming and evolving one's patterns of behavior, thoughts, and feelings that make up an individual's personality over time.

Piaget's Processes

The cognitive processes according to Jean Piaget that describe how children develop intellectual abilities, including assimilation, accommodation, and equilibration.

Assimilation

The cognitive process in which new information is integrated into existing schemas, beliefs, or understanding.

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