When People Have More Time to Respond to Price Changes

question 53

Multiple Choice

When people have more time to respond to price changes, demand becomes:

• A) neither more nor less elastic because time has no effect on demand
• B) more elastic
• C) less elastic
• D) unit elastic

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Definitions:

Motor Act

Physical actions or movements controlled by the muscle system and directed by the brain.

Biological Cycles

Natural rhythms that regulate physiological activities within living organisms, such as circadian rhythms or menstrual cycles.

Sleep-Wake Rhythms

The natural cycle of sleep and wakefulness in humans, regulated by the body's internal clock.

Deferred Imitation

The ability to remember and replicate actions observed at an earlier time, without the model being present.