Demand Is More Elastic

question 43

Multiple Choice

Demand is more elastic

• A)in the short run than in the long run
• B)for necessities than for luxuries
• C)for food than for hamburgers
• D)for goods with many substitutes than for goods with only a few
• E)for broadly defined goods than for narrowly defined ones

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Definitions:

Identical Twins

Twins who develop from a single fertilized egg that splits, resulting in two genetically identical individuals.

Orphanage

A residential institution dedicated to the care of orphans - children whose parents are deceased or otherwise unable to care for them.

Multiple Intelligences

A theory suggesting that individuals have diverse types of intelligence, rather than a single, general ability.

g-Factor Theory

A theory in psychology that proposes general intelligence (g) exists and represents a single underlying intellectual ability.