Demand Is Said to Be Perfectly Inelastic When

question 52

Multiple Choice

Demand is said to be perfectly inelastic when

• A) The demand curve is horizontal
• B) The elasticity of demand is infinite
• C) The elasticity of demand is zero
• D) Consumers are highly responsive to change in the price of a good

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Definitions:

Productivity

The efficiency of production of goods or services, measured by the output per unit of input.

Community

A group of people living in the same place or having a particular characteristic in common.

Biases

Regular patterns of departure from normalcy or logical thinking in making judgments, leading to conclusions about others and circumstances in a way that lacks logic.

Attribution Process

The cognitive process by which individuals infer the causes of their own and others' behavior, attributing it to either internal dispositions or external situations.