Which of the Following Situations Could Explain Why Product X

question 160

Multiple Choice

Which of the following situations could explain why product X has a relatively high price elasticity of demand in the short run?

• A)the price of product X is too low
• B)the price of product X is too high
• C)the prices of substitute products are constant
• D)there are many substitutes for product X and consumers have an ability to switch quickly to those substitutes
• E)there are few substitutes for product X in the short run

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Definitions:

Visible Light Waves

Electromagnetic waves that are visible to the human eye, which perceive them as colors.

Pupil

The adjustable opening in the center of the eye that allows varying amounts of light to enter.

Doughnut-shaped

Having the shape of a doughnut; circular with a hole in the center.

Afterimage

A visual illusion in which a retinal impression persists after the removal of a stimulus, often colored differently than the original image.