The Longer the Time That Has Elapsed Since a Price

question 15

Multiple Choice

The longer the time that has elapsed since a price change the more time consumers will have to respond to price changes. As a result, demand becomes

• A)zero.
• B)more inelastic.
• C)more elastic.
• D)perfectly inelastic.
• E)unit elastic.

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Definitions:

Biological Sciences

The study of all living organisms and their interactions with each other and the environment.

Inheritance

The transmission of genetic material, traits, and sometimes diseases from parents to their offspring.

Altruism

The selfless concern for the well-being of others, often leading to actions that benefit someone else at a personal cost.

Reproductive Success

The passing on of genes to the next generation in a way that they too can pass those genes on.