If Demand Is Perfectly Inelastic,then

question 122

Multiple Choice

If demand is perfectly inelastic,then:

• A)the elasticity of demand is 1.
• B)the elasticity of demand is -1.
• C)the demand curve will be nonexistent.
• D)the demand curve will be a horizontal line.
• E)quantity demanded does not change when price changes.

Identify legal, political, and ethical challenges in global business.

Describe the goal of comparative management studies and the importance of intercultural competencies.

Understand the universality of management theories in different contexts.

Identify and describe the three global management attitudes.

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Definitions:

Contracts

Legal agreements between two or more parties that create mutual obligations enforceable by law.

Actual Authority

The express and implied powers a principal intentionally grants to its agent.

Implied Authority

Authority of an agent that is not expressly granted but is inferred from the acts or the conduct of the principal.

Apparent Authority

A form of authority that a third party reasonably believes an agent has, based on the principal's representations, leading the third party to conclude that the agent is acting within the scope of their authority.