Demand is said to be inelastic if
a. buyers respond substantially to changes in the price of the good.
b. demand shifts only slightly when the price of the good changes.
c. the quantity demanded changes only slightly when the price of the good changes.
d. the price of the good responds only slightly to changes in demand.
c
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The quantity supplied by domestic producers in an importing country must be less than the quantity demanded by its population.
Answer the following statement true (T) or false (F)
List the three programs that are part of the Social Security system
What will be an ideal response?
Nominal GDP is $12 trillion and real GDP is $15 trillion. What is the GDP deflator? Show your work
A decrease in the stock of capital may
A. decrease potential GDP. B. increase labor productivity. C. increase real GDP. D. decrease skilled labor.