A Product's Price Elasticity of Demand Is Likely to Be

question 68

Multiple Choice

A product's price elasticity of demand is likely to be greater

• A) the less time consumers have to adjust to price changes.
• B) if consumers spend a small proportion of income on the product.
• C) if it only has a few substitutes.
• D) if the product is a luxury good rather than a necessity.
• E) Both answers C and D are correct.

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Definitions:

Spouse's Comments

Observations or statements made by one's partner or spouse, which can have significant emotional impact or influence on the relationship.

Active Listening

Empathic listening in which the listener echoes, restates, and clarifies. A feature of Rogers' client-centered therapy.

Therapist's Response

The reaction or feedback provided by a therapist during a therapy session to guide the patient's process of healing or understanding.

Feeling Help

The perception of receiving support or assistance, contributing to emotional well-being and stress reduction.