Which of the Following Statements Would You Expect to Be

question 29

Multiple Choice

Which of the following statements would you expect to be true about price elasticities of demand for T- shirts and clothing?

• A) Clothing has a higher price elasticity of demand because it is a necessity.
• B) Clothing has a lower price elasticity of demand because it is more broadly defined.
• C) Compared with clothing, T- shirts have a lower price elasticity of demand because they are specifically defined.
• D) T- shirts would have the same price elasticity of demand as clothing.
• E) Because T- shirts are clothing, but not all clothing is T- shirts, T- shirts would have a lower price elasticity of demand than clothing.

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Definitions:

False Consensus Effect

The cognitive bias to overestimate how much others share one’s beliefs, attitudes, and behaviors.

Nonconformist

An individual who does not conform to conventional or mainstream rules or practices.

Illusion Of Control

The tendency for people to overestimate their ability to control events, leading to unrealistic expectations about the impact of their actions.

Risky Behavior

Actions that expose individuals to harm or danger, often with a possibility of undesirable outcomes.