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Kuo S.Huang estimated the elasticity of demand for beef to be 0.62 and the elasticity of demand for milk to be 0.04.Which of the following would be an explanation of the difference in elasticities?
Ethnocentrism
The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by prejudice and discrimination against other groups.
Stereotyping
Assigning generalized attributes to individuals based on their perceived group membership, often leading to biased judgments.
Prejudice
A judgment or opinion of someone, formed before you know all of the facts or the background of that person.
Tolerating Ambiguity
The ability to remain comfortable and continue functioning effectively in situations that are unclear, uncertain, or not fully understood.
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