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:

Wavelengths

The spacing between consecutive peaks of a wave, particularly in sound waves or electromagnetic waves.

Flipbook

A book with a series of pictures that vary gradually from one page to the next, so that when the pages are turned rapidly, the pictures appear to animate by simulating motion or some other change.

Stroboscopic Motion

An optical illusion where continuous motion is represented by a series of short or instantaneous samples, as seen in motion pictures.

Motion Aftereffects

A visual phenomenon where exposure to a moving visual stimulus leads to the perception of motion in the opposite direction when the stimulus is removed.