Which of the Following Tends to Make Demand for a Good

question 99

Multiple Choice

Which of the following tends to make demand for a good more elastic?

• A)A reduction in the number of substitutes for the good.
• B)Consumers have a long time to adjust to a price change.
• C)The amount spent on the good is a small proportion of the consumer's budget.
• D)The good is broadly defined.
• E)The good is a necessity.

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Definitions:

Unspoken Norms

Implicit rules and expectations that govern behavior within a society or group, often understood and followed without being formally communicated.

Team Building

Activities and exercises designed to enhance social relations and define roles within teams, often involving collaborative tasks.

Authority

The vested power to influence or command within an organization.

Power

The ability of one person to influence another.