OPEC expect oil prices next year to be lower than oil prices this year. As a result, oil producers are most likely to

Price rises from $10 to $12, and the quantity demanded falls from 200 units to 185 units. What is the price elasticity of demand between these two prices?

Streaming services like Netflix increase their monthly subscription price by $1, and many users cancel or switch to cheaper alternatives. What does this suggest about demand for Netflix?A) Perfectly inelasticB) InelasticC) ElasticD) Unit elastic

A local clothing store raises the price of its trendy T-shirts by 25%, and sales drop by 60%. What does this tell you about the demand for these T-shirts?A) InelasticB) Unit elasticC) Highly elasticD) Perfectly inelastic

An electricity provider raises prices during a heatwave, but residential usage stays nearly the same due to the need for air conditioning. What does this tell you about the demand for electricity?A) Perfectly elasticB) ElasticC) Highly elasticD) Highly inelastic

inelastic in demand = steep demand curve

You calculate a price elasticity of demand as 2.1. What does this mean?A) Quantity demanded changes less than priceB) The good is a necessityC) The demand is inelasticD) The demand is elastic and sensitive to price changes

Gasoline prices rise by 40% over a few months, but most drivers continue filling up regularly because they need to get to work. How would you classify the demand for gasoline in the short term?A) Perfectly elasticB) ElasticC) UnitaryD) Inelastic

Mode of inheritance reflects

A patient needs a specific life-saving medication, and the price increases by 50%. Despite the price hike, they continue purchasing the same amount. What does this say about the price elasticity of demand for this medication?A) ElasticB) Unit elasticC) Highly elasticD) Highly inelastic