If a Product Is Narrowly Defined, It Is Likely to

question 96

Multiple Choice

If a product is narrowly defined, it is likely to

• A) have few substitutes, and therefore its demand is less elastic.
• B) be unique and have many substitutes.
• C) be unique, and therefore its demand is inelastic.
• D) have a larger proportion of income spent on it.
• E) have many substitutes and therefore its demand is elastic.

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Definitions:

Restructuring

In cognitive therapy, it refers to the process of identifying and changing irrational or maladaptive thoughts that lead to negative emotions.

Functional Fixedness

A cognitive bias that limits a person to using an object only in the way it is traditionally used, preventing them from seeing alternative uses.

Mental Sets

The tendency to approach situations in a certain way because that method has worked in the past.

General Intelligence

A theory proposing that a single factor underlies intelligence, often denoted as "g," influencing a person's ability to learn and understand across a variety of tasks.