The Demand for a Good Is Inelastic

question 130

Multiple Choice

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

• A) The good is narrowly defined.
• B) The good is broadly 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:

Equilibrium Constant

A number that expresses the ratio of products to reactants at equilibrium for a chemical reaction, indicating the extent of the reaction.

Ammonia

A colorless gas with a characteristic pungent smell, consisting of nitrogen and hydrogen (NH3), used as a fertilizer and cleaning agent.

Catalyst

A material that accelerates the speed of a chemical reaction without experiencing any lasting chemical alteration.

Acid Equilibrium

The state of balance between the forward and reverse reactions in which an acid donates a proton to a base.