An inelastic demand indicates that
A) quantity demanded does not vary with changes in the price.
B) relatively small changes in price lead to relatively large changes in quantity demanded.
C) relatively large changes in price are required to obtain a relatively small change in quantity demanded.
D) relatively large changes in quantity demanded lead to relatively large changes in price.
C
You might also like to view...
For a given supply elasticity, the more inelastic the demand for a good, the larger the share of the tax paid by the
A) buyers. B) sellers. C) participants other than the buyers and sellers. D) government. E) None of the above answers is correct.
Regression analysis is designed to show any systematic pay differences between men and women
A) that are based only on gender difference. B) that are based on differences in education levels and majors. C) that are based on differences in career choices. D) that are based on differences in job experience.
An increase in the U.S. demand for Japanese yen causes
A) an increase in the dollar price of a yen. B) an increase in the yen price of a dollar. C) an increase in the demand for U.S. goods. D) a decrease in the supply of yens.
If you think the price of a share of stock ________, but you buy it anyway because you expect to be able to sell it later at a higher price, then you are participating in a stock market price bubble.
A. is currently undervalued B. reflects its true value C. misrepresents the current value of the company D. reflects the interest rate