Other Things Being Equal,the Price Elasticity of Demand for a Product

question 42

Multiple Choice

Other things being equal,the price elasticity of demand for a product will be lower:

• A)if many substitutes are available.
• B)if it is a large part of the consumer's budget.
• C)in the long run than in the short run.
• D)if there are few or no substitutes available.

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Definitions:

Cocaine

A powerful stimulant drug derived from the leaves of the coca plant, which can have serious addictive and health effects.

Reuptake

The process by which neurotransmitters are absorbed back into a nerve cell after they have been released into a synapse, thus terminating the signal between neurons.

Euphoria

A state of intense happiness and self-confidence, often beyond what is considered normal.

THC

The major active ingredient in marijuana; triggers a variety of effects, including mild hallucinations.