If It Is Difficult to Substitute for a Good in the Short

question 64

Multiple Choice

If it is difficult to substitute for a good in the short run, but easy in the long run, then

• A)the elasticity of demand is more elastic in the short run.
• B)the elasticity of demand is more elastic in the long run.
• C)the good is an inferior good.
• D)elasticity changes along the demand curve.

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Definitions:

Statistical Regression

A measure of the relationship between the mean value of one variable and corresponding values of other variables.

One-shot Case Study

An experimental design where a single group is exposed to a treatment and then measured to assess its effect, lacking a control group for comparison.

Study Habits

Patterns and practices that are conducive to effective learning and information retention.

Causal Inference

The process of drawing conclusions about causal relationships based on the conditions of the occurrence of an effect.