The Figure Given Below Shows the Demand Curves for Five

question 52

Multiple Choice

The figure given below shows the demand curves for five products: A, B, C, D, and E.Figure 6.1

-If a product has an inelastic demand, then:

• A)there is probably a long time period under consideration.
• B)as price increases, total revenue to producers decreases.
• C)an increase in the price will decrease total consumer expenditures.
• D)there are probably many complements for the good.
• E)there are probably few substitutes for the good.

---

Definitions:

Myopic

Short-sightedness or the inability to see distant objects clearly.

Nearsighted

A common vision condition (myopia) where close objects are seen clearly, but distant objects appear blurred due to the shape of the eye.

Myopia

A vision condition characterized by difficulty seeing distant objects clearly, often referred to as nearsightedness.

Nearsightedness

A common vision condition where close objects appear clearly, but distant ones are blurred, also known as myopia.