The Less Time That Elapses, the

question 158

Multiple Choice

The less time that elapses, the

• A) less price elastic is the demand for the product.
• B) more price elastic is the demand for the product.
• C) greater the income elasticity of demand for a product.
• D) smaller the income elasticity of demand for the product.

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Definitions:

Output Contract

A legal agreement in which a seller agrees to sell all the production to a particular buyer, who in turn agrees to purchase the entire output.

Needs Contract

A contract or agreement tailored to address and fulfill specific needs of the parties involved.

Good Faith

Acting with honest intentions without seeking to take unfair advantage in a transaction or situation.

Rule Of Requirements

A principle in contract law that dictates a seller must supply only the quantity of goods that a buyer requires, no less and no more.