If Demand Is Price Inelastic,then

question 38

Multiple Choice

If demand is price inelastic,then

• A)buyers do not respond much to a change in price.
• B)buyers respond substantially to a change in price,but the response is very slow.
• C)buyers do not alter their quantities demanded much in response to advertising,fads,or general changes in tastes.
• D)the demand curve is very flat.

Learn strategies for successful career advancement including networking, skill development, and creating opportunities within and outside organizations.

Understand the role of self-competency in personal and professional development.

Understand the importance and application of written communication in a business context.

Recognize the impact of technology on the need for constant learning, adaptation, and innovation within organizations.

---

Definitions:

Balance Sheet

A financial statement that presents a company's financial position at a specific point in time, including assets, liabilities, and equity.

Income Statement

The income statement is a financial report that details a company's revenues, expenses, and profits over a specific period, showing how the net revenue of the business is transformed into net income.

Factory Overhead

All indirect costs associated with manufacturing, including utilities, depreciation, and salaries for managerial staff, not directly tied to production.

Materials And Labor

Costs associated with the direct materials and labor required to produce a good or service; key components of the manufacturing process.