We Should Never Assume That an Inelastic Demand Curve Is

question 260

Multiple Choice

We should never assume that an inelastic demand curve is a perfectly inelastic demand curve because

• A) there has never been evidence of a perfectly inelastic demand curve.
• B) an inelastic demand curve may be perfectly inelastic at some times but not others.
• C) perfectly inelastic demand curves are rare.
• D) an inelastic demand curve may be elastic at high prices.

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Definitions:

Quartz

A hard, crystalline mineral composed of silicon dioxide, widely used in jewelry and as an industrial abrasive.

Feldspar

A group of silicate minerals that are among the most abundant minerals in the Earth's crust, commonly found in igneous, metamorphic, and sedimentary rocks.

Calcite

A common naturally occurring calcium carbonate mineral, often found in sedimentary rocks, and the primary mineral that makes up limestone.

Chemical Elements

Substances that cannot be broken down into simpler substances by chemical means, and are defined by the number of protons in their atomic nuclei.