Which of the Following Describes a Situation in Which Demand

question 96

Multiple Choice

Which of the following describes a situation in which demand must be inelastic?

• A)Total revenue decreases by 10 percent when the price of spats rises by 10 percent.
• B)Total revenue decreases by less than 10 percent when the price of spats rises by 10 percent.
• C)Total revenue increases by more than 10 percent when the price of spats rises by 10 percent.
• D)Total revenue decreases by $10 when the price of spats rises by $10.
• E)Total revenue decreases by more than $10 when the price of spats rises by $10.

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Definitions:

Organizational Culture

Refers to the shared values, beliefs, and norms that influence the way employees think, feel, and behave within an organization.

Resource Limitations

Constraints in the availability of resources such as time, money, and materials, which can affect the completion of tasks or projects.

Interorganizational Agreements

Formal or informal arrangements between two or more organizations to achieve specific goals.

Organizational Development

A field of research, theory, and practice dedicated to expanding the knowledge and effectiveness of people to accomplish more successful organizational change and performance.