The Demand for Textbooks Is Price-Inelastic

question 113

Multiple Choice

The demand for textbooks is price-inelastic. Which of the following would explain this?

• A) Many alternative textbooks can be used as substitutes.
• B) Students have a lot of time to adjust to price changes.
• C) Textbook purchases consume a large portion of most students' income.
• D) Textbooks are a necessity.

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Definitions:

Studying Alone

The practice of learning or reviewing material by oneself without the direct involvement of teachers or peers.

Individual Differences

Individual differences entail the variations or deviations among individuals in regard to a particular characteristic or trait.

Systematic Variation

The deliberate manipulation or alteration of variables in an experiment to observe effects on outcomes, often used in scientific research.

Cognitive Processes

Mental activities involved in acquiring, storing, retrieving, and using information, including perception, memory, language, reasoning, and problem-solving.