As People Have More Time to Adjust to a Price

question 191

Multiple Choice

As people have more time to adjust to a price change,

• A) demand becomes more elastic, and supply becomes less elastic.
• B) demand becomes less elastic, and supply becomes more elastic.
• C) both supply and demand become less elastic.
• D) both supply and demand become more elastic.
• E) elasticity of both demand and supply tends toward unity.

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Definitions:

Social Psychology

The scientific study of how individuals think, influence, and relate to one another within a societal context.

Feeling State

A temporary emotional condition or mood that an individual experiences.

Positive Moods

Emotional states that are characterized by feelings of happiness, satisfaction, or optimism.

James-Lange Theory

A theory of emotion proposing that physiological arousal precedes the experiencing of emotions.