In General,demand for a Good Will Be More Elastic If

question 17

Multiple Choice

In general,demand for a good will be more elastic if

• A) few substitutes exist.
• B) the time frame for adjustment is short.
• C) the fraction of income spent on the good is small.
• D) the good is a luxury.
• E) the fraction of income spent on the good is large.

---

Definitions:

Age-related Macular Degeneration

A medical condition affecting older adults that results in a loss of central vision due to damage to the retina, specifically the macula.

Arcus Senilis

A gray or white arc visible above and below the outer part of the cornea, typically associated with aging.

Cataracts

A condition characterized by clouding of the lens in the eye, leading to a decrease in vision that can develop slowly and affect one or both eyes.

Tympanostomy

A surgical procedure involving the insertion of a tube into the eardrum to drain fluid and prevent ear infections.