The Price Elasticity of a Good Will Tend to Be

question 218

Multiple Choice

The price elasticity of a good will tend to be greater:

• A) the longer the relevant time period.
• B) the fewer number of substitute goods available.
• C) if it is a staple or necessity with few substitutes.
• D) All of the above are true.

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Definitions:

Gender Egalitarianism

A belief in or the practice of promoting equal rights, responsibilities, and opportunities for all genders.

Power Distance

A cultural dimension that describes the extent to which individuals in a society accept and expect power to be distributed unequally.

Humane Orientation

Describes a cultural dimension reflecting the degree to which a society encourages and rewards individuals for being fair, altruistic, friendly, generous, caring, and kind.

Institutional Collectivism

The degree to which organizational and societal cultural practices encourage and reward collective distribution of resources and collective action.