A Demand Curve Which Is ________ Represents Perfectly Inelastic Demand

question 285

Multiple Choice

A demand curve which is ________ represents perfectly inelastic demand, and a demand curve which is ________ represents inelastic demand.

• A) downward sloping; vertical
• B) horizontal; downward sloping
• C) vertical; downward sloping
• D) upward sloping; horizontal

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Definitions:

Berries

Small, pulpy, and often edible fruits, typically consumed fresh, frozen, or in various prepared foods and beverages.

Perfect Substitute

A perfect substitute is a good or service that can be used in exactly the same way as another, meaning consumers are indifferent between the two.

Utility Function

A mathematical representation that ranks individuals' preferences or satisfaction derived from consuming goods and services.

Utility Function

An economic model representing the preferences of an individual or entity over a set of goods and services by assigning a level of utility to each potential bundle of consumption.