A Good Is Likely to Have an Inelastic Demand Curve

question 75

Multiple Choice

A good is likely to have an inelastic demand curve if:

• A) the consumer has significant time to respond to the price change.
• B) the good has few available substitutes.
• C) the good is a luxury.
• D) the good accounts for a large share of consumer income.

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Definitions:

Idiographic Understanding

An understanding of the behavior of a particular individual.

Abnormal Behavior

A pattern of behavioral, psychological, or cognitive functions that deviate significantly from cultural norms and may impair functioning.

Clinical Practitioners

Healthcare professionals who apply theories, findings, and techniques from the field of psychology to assess, diagnose, and treat individuals with mental health issues.

Informed Consent

The process of obtaining voluntary agreement to participate in research or undergo a medical procedure, after understanding all relevant facts and risks.