Demand Is Inelastic If

question 78

Multiple Choice

Demand is inelastic if

• A) a given percentage change in price will result in a less than proportionate percentage change in the quantity demanded.
• B) demand exhibits zero responsiveness to price changes.
• C) small price increases will lead to zero quantity demanded.
• D) a given percentage change in price will result in a greater than proportionate percentage change in the quantity demanded.

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Definitions:

CS

Short for Conditioned Stimulus, it is a previously neutral stimulus that, after association with an unconditioned stimulus, comes to trigger a conditioned response.

UCS

An abbreviation for Unconditioned Stimulus, a stimulus that naturally and automatically triggers a response without any need for prior learning.

CR

A common abbreviation for Conditioned Response, which is an automatic response established by training to an ordinarily neutral stimulus.

UCR

Unconditioned Response, a naturally occurring reaction to an unconditioned stimulus.