The Longer Any Price Change Persists, the

question 119

Multiple Choice

The longer any price change persists, the

• A) more difficult it is to alter quantity demanded.
• B) greater is the price elasticity of demand.
• C) lower is the price elasticity of demand.
• D) more likely price will return to its original level.

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Definitions:

Consensual

Agreed upon by all parties involved; based on or involving mutual consent.

Statutory

Pertaining to laws passed by a legislative body; relates to statutes.

Judgment

A legal decision made by a court regarding the rights and liabilities of parties in a legal action or proceeding.

Attachment

(1) The point at which a creditor becomes the secured party who has a security interest in the collateral. (2) A court order permitting a local court officer to seize a debtor’s property.