The Elasticity of Demand for a Good Tends to Increase

question 148

Multiple Choice

The elasticity of demand for a good tends to increase if:

• A)there is an increase in the availability of complements
• B)there is an increase in the availability of substitutes
• C)the market is considered over a longer period of time
• D)the definition of the market is broadened

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Definitions:

Simplicity

Simplicity in a business or design context refers to minimizing complexity to focus on essential features, often leading to increased efficiency and ease of use.

Publicly Owned

Refers to assets owned by the government or the public sector, intended for the benefit of the general public.

Infrastructure

Refers to the basic physical and organizational structures and facilities (e.g., buildings, roads, power supplies) needed for the operation of a society or enterprise.

Usage

The manner and frequency with which a product or service is used by consumers.