An Elastic Demand Indicates That

question 159

Multiple Choice

An elastic demand indicates that

• A) quantity demanded does not vary with changes in the price.
• B) relatively small changes in price lead to relatively large changes in quantity demanded.
• C) relatively large changes in price are required to obtain a relatively small change in quantity demanded.
• D) relatively large changes in quantity demanded lead to relatively large changes in price.

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Definitions:

American Trade

Commercial exchange of goods, services, and commodities within the United States and between the U.S. and other countries.

Hartford Convention

A series of meetings from December 1814 to January 1815 in Hartford, Connecticut, where New England Federalists met to discuss their grievances concerning the ongoing War of 1812 and political problems arising from the federal government's increasing power.

Federalist Party

A first American political party in the late 18th and early 19th centuries that favored a strong central government, commercial economy, and close ties with Great Britain.

Public Opinion

The aggregate of individual attitudes or beliefs held by the adult population.