The demand for a commodity is said to perfectly inelastic when:
a. a prominent change in the price level leaves the quantity demanded totally unchanged.
b. a small change in the price level affects the quantity demanded to a large extent.
c. a change in the price level has an equal impact on the quantity demanded.
d. a change in the price level has a negative impact on the quantity demanded.
Question 2
The characteristic that distinguishes a monopolistically competitive market from a perfectly competitive market is the:
a. ease of entry.
b. number of firms operating in the market.
c. degree of government regulation in the activities of the firms.
d. differentiation of products.
e. extent of market share of each firm.
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