Price Elasticity of Demand Is Generally

question 169

Multiple Choice

Price elasticity of demand is generally

• A)greater in the long run than in the short run.
• B)greater in the short run than in the long run.
• C)the same in both the short run and the long run.
• D)greater for "necessities" than it is for "luxuries."

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Definitions:

Ambition

The strong desire to achieve something, typically requiring determination and hard work.

Theory X

A management theory which assumes that employees are naturally unmotivated and need strict supervision and control to be productive.

Theory Y

A management concept that assumes employees are inherently motivated and responsible, and that they work best under conditions of freedom and empowerment.

Deming

Refers to W. Edwards Deming, an American engineer, statistician, professor, author, lecturer, and management consultant known for his work in the field of quality management.