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
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If your demand for gasoline is inelastic, when the price of gasoline falls, which of the following occurs?
A) Your demand curve for gasoline will shift leftward. B) Your demand curve for gasoline will shift rightward. C) Your total expenditure on gasoline will increase. D) Your total expenditure on gasoline will decrease.
Generally, there is a strong positive correlation between per capita GNP and other measures of human development
a. True b. False Indicate whether the statement is true or false