Compared to the Long Run, Consumers Typically ____ to Price

question 124

Multiple Choice

Compared to the long run, consumers typically ____ to price changes in the short run.

• A) are very responsive
• B) are more demand sensitive
• C) are less demand sensitive
• D) do not respond at all
• E) overreact

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Definitions:

Personality Inventories

Psychological assessment tools used to evaluate the personality traits and characteristics of individuals, often through self-report questionnaires.

Traits

Characteristic patterns of thoughts, feelings, and behaviors that make a person unique and tend to be consistent over time.

Introversion

A characteristic of personality that emphasizes the importance of inner emotions over external stimuli.

Person-situation Controversy

The debate surrounding whether behavior is more influenced by personality traits or situational factors.