How Does the Amount of Time Consumers Have to Adjust

question 148

Multiple Choice

How does the amount of time consumers have to adjust to a price change affect elasticity?

• A) The more time consumers have to adjust, the less elastic their demand will be.
• B) The time consumers have to adjust does not affect the elasticity of their response unless it is a luxury good.
• C) The more time consumers have to adjust, the more elastic their demand will be.
• D) The time consumers have to adjust will not affect the elasticity of their response unless the good is a necessity.

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Definitions:

Infradian

Referring to biological rhythms with cycles that are longer than 24 hours, such as menstrual cycles or seasonal behaviors.

Prefrontal Cortex

The anterior part of the frontal lobes of the brain, involved in complex cognitive behavior, decision making, and moderating social behaviour.

Brodmann's Areas

Regions of the cerebral cortex defined by their cytoarchitectonic characteristics and associated with different brain functions.

Reticular Activating System

a network of neurons in the brainstem involved in regulating wakefulness and sleep-wake transitions.