The Demand for Good X Will Be More Elastic Than

question 36

Multiple Choice

The demand for good X will be more elastic than the demand for good Y when

• A) good X has fewer substitutes than good Y.
• B) good X accounts for a larger percentage of a typical consumer's budget than good Y.
• C) consumers have more time to adjust to a change in the price of good X than they have time to adjust to a change in the price of good Y.
• D) both b and c
• E) all of the above

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Definitions:

Adrenaline

A hormone and neurotransmitter released in response to stress, increasing heart rate, and energy as part of the fight or flight response.

Illness

A condition that affects an individual's physical or mental health, often characterized by specific symptoms and requiring medical attention or care.

Stress

Stress refers to the mental or emotional strain that arises from challenging or demanding circumstances.

Low Self-esteem

A condition in which an individual holds a persistently negative view of themselves and their abilities.