Demand Is Almost Always More Price Elastic in the Long

question 86

Multiple Choice

Demand is almost always more price elastic in the long run because:

• A) people's preferences change.
• B) newer versions of a good/service replace older ones.
• C) production of the good/service stops.
• D) more options become available and people can make different choices.
• E) government regulations increase.

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Definitions:

Ego Abides

The concept that the ego abides indicates the maintenance or adherence of the ego, in psychodynamic theories, to its functions and regulations amidst internal conflicts.

Reality Principle

The Reality Principle is a concept in psychoanalytic theory referring to the ability of the mind to assess the external world and act upon it accordingly, often in contrast to the pleasure principle.

Freud's Psychoanalytic Theory

A theory that proposes human behavior is influenced by childhood experiences and unconscious impulses.

Cocaine

A powerful stimulant drug derived from the leaves of the coca plant.