"Even If Home Consumers Always Have Perfectly Inelastic Demand for a Product

question 9

Essay

"Even if home consumers always have perfectly inelastic demand for a product, at least a portion of the demand curve by those consumers for imports of the product can have the normal downward slope. Further, even if the supply curve of domestic producers is everywhere perfectly inelastic, at least a portion of the supply curve of exports by those producers can have the normal upward slope."

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Definitions:

Personality Differences

Variations in the patterns of thinking, feeling, and behaving that distinguish individuals from one another.

Situationism

The theory that behavior is determined more by situations than by personality traits.

Locus Of Control

A psychological concept that refers to individuals’ beliefs about the extent to which outcomes in their lives are under their own control versus external forces.

Reciprocal Determinism

The theory posited by Albert Bandura that a person's behavior both influences and is influenced by personal factors and the social environment.