Which of the Following Statements Is Correct

question 42

Multiple Choice

Which of the following statements is correct?

• A) Demand is more elastic in the short run than in the long run.
• B) The price elasticity of demand for new products in new markets is likely to be inelastic.
• C) The longer the time consumers have to adjust to changes in the price of a good, the more inelastic the demand will be.
• D) The availability of substitutes for a good does not affect its price elasticity of demand.

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Definitions:

Species Diversity

The number of species that exist in an ecosystem.

Geographic Area

A specific portion of the Earth's surface defined by natural or artificial boundaries.

Deep Ecologists

Advocates of deep ecology, a perspective that argues for the inherent worth of all living beings regardless of their instrumental utility to human needs.

Population Reduction

Measures or policies aimed at decreasing the number of individuals within a specific population, often due to concerns over sustainability, resource management, or environmental impact.