Demand is said to be inelastic if Select one: 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.
Demand is said to be inelastic if Select one: 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.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 3QR
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Select one:
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.
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