Demand for a Good Is Inelastic If

question 113

Multiple Choice

Demand for a good is inelastic if:

• A) total revenue decreases when price increases.
• B) the quantity effect outweighs the price effect of a price increase.
• C) the absolute value of price elasticity is greater than 1.
• D) total revenue increases when price increases.

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Definitions:

Dryopithecines

An extinct group of primates believed to be ancestral to both modern apes and humans, dating from the Miocene epoch.

Australopithecus Afarensis

An early hominin species known for the famous "Lucy" fossil, living approximately 3.9 to 2.9 million years ago.

Paleoanthropological Evidence

Fossils and other physical remnants of early humans and their ancestors, used to study human evolution.

Facultative Bipedalism

The ability to walk on two legs (bipedally) when necessary or advantageous, but not as the primary mode of locomotion.