Other Things Equal, the Demand for a Good Tends to Be

question 169

Multiple Choice

Other things equal, the demand for a good tends to be more inelastic when

• A) there are fewer available substitutes.
• B) a longer time period is considered.
• C) the good is considered a luxury good.
• D) the market for the good is more narrowly defined.

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Definitions:

Policy Initiators

Entities or individuals who introduce or begin the process of developing new policies or legislative measures.

Policy Tasks

Specific actions or responsibilities that are carried out in order to implement or enforce policies.

Empathy

The ability to understand and share the feelings of another, fostering a sense of shared experience or compassion.

Sympathy

Feelings of pity and sorrow for someone else's misfortune.