A Product with an Inelastic Demand Means That

question 118

Multiple Choice

A product with an inelastic demand means that

• A)consumers are relatively insensitive to a change in the price of the product.
• B)producers are relatively sensitive to a change in the quantity demanded.
• C)consumers are relatively sensitive to a change in the price of the product.
• D)producers are relatively insensitive to a change in the quantity demanded.
• E)consumers are relatively insensitive to a change in the quantity demanded.

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Definitions:

Persuasive Authority

A legal authority, or source of law, that a court may look to for guidance but on which it need not rely in making its decision. Persuasive authorities include cases from other jurisdictions, discussions in legal periodicals, and so forth.

Negligence Action

A legal claim filed by someone who was harmed because of another party's failure to act with reasonable care.

Duty Of Care

A legal obligation imposed on an individual requiring adherence to a standard of reasonable care while performing any acts that could foreseeably harm others.

Breach

The violation of a legal obligation, rule, or agreement.