The More Broadly a Good Is Defined

question 76

Multiple Choice

The more broadly a good is defined

• A)the more substitutes it has, so demand will be more price-elastic
• B)the less substitutes it has, so demand will be more price-elastic
• C)the more substitutes it has, so demand will be less price-elastic
• D)the less substitutes it has, so demand will be less price-elastic
• E)has no effect on the good's price elasticity of demand

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Definitions:

Fight-or-Flight Response

A physiological reaction that occurs in response to a perceived harmful event, attack, or threat to survival, initiating either confrontation or avoidance.

Sympathetic Nervous System

Part of the autonomic nervous system that prepares the body for physical activity by triggering the fight or flight response.

Parasympathetic Nervous System

Part of the autonomic nervous system responsible for rest and digestion functions.

Impaired Functioning

A reduction in the ability to perform daily activities normally, due to mental, physical, or emotional disabilities or conditions.