The ________ of a Good Is the Value of What

question 62

Multiple Choice

The ________ of a good is the value of what is given up to get the good.

• A) relative cost
• B) opportunity cost
• C) absolute cost
• D) discount cost

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Definitions:

Inelastic

Describes a situation where the demand or supply for a good or service is relatively unaffected by changes in price.

Price Elasticity of Demand

A measure of how responsive the quantity demanded of a good is to a change in its price, often used to gauge the relative change in demand as a result of price fluctuations.

Soccer Balls

Spherical balls designed and used specifically for the sport of soccer.

Quantity Demanded

The aggregate quantity of a product or service that buyers are ready and capable of buying at a specific price point.