If the Consumer Has a Great Deal of Time to Adjust

question 68

Multiple Choice

If the consumer has a great deal of time to adjust to an increase in the price of gasoline,which of the following is correct?

• A)Quantity demanded will be relatively sensitive to the change in price.
• B)The percentage change in quantity demanded will be quite small relative to the percentage change in price.
• C)The percentage change in price will be quite large relative to the percentage change in quantity demanded.
• D)Demand will tend to be unitary elastic as it is for most goods in the long run.

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Definitions:

Marriage

A legally or culturally recognized union between individuals that establishes rights and obligations between them, as well as with their children and in-laws.

Divorce Rates

The statistical measure that indicates the number of divorces occurring during a year per 1,000 population in a given society.

Nonfamily Households

Living arrangements composed of individuals who are not related by blood, marriage, or adoption, often sharing common living spaces.

Traditional Family Structure

A familial organizational form often consisting of two parents and their children, though definitions can vary culturally.