The Demand for a Good Is Inelastic

question 81

Multiple Choice

The demand for a good is inelastic. Which of the following would be an explanation for this?

• A) The good is a necessity.
• B) The good is specifically defined.
• C) The good costs a large portion of one's total income.
• D) The time interval considered is long.

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Definitions:

Political Setting

The environment or context related to government, policy-making, and political actors or institutions.

Financial Support

Monetary assistance provided to individuals, organizations, or countries in need.

Thromboembolism Deterrent

Any measure or treatment used to prevent the formation or migration of blood clots, reducing the risk of venous thromboembolism.

Informed Consent

A procedure ensuring a patient or participant is fully aware of the potential risks and benefits involved in a treatment or activity before agreeing to it.