If a Good Has a Price-Inelastic Demand, Then Which of the Following

question 38

Multiple Choice

If a good has a price-inelastic demand, then which of the following is NOT likely to be characteristic of this good?

• A) It is a necessity and is relatively small proportion of the household budget.
• B) It has many substitutes.
• C) Consumers spend a small percentage of their income on it.
• D) Consumers do not have much time to adjust to market changes.

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Definitions:

Self-Esteem

The confidence and sense of worth that an individual has about themselves, often affecting their motivation and emotional wellbeing.

Ideal Self

A person's conception of how they would like to be, embodying their aspirations, goals, and standards of perfection.

External Locus of Control

A belief system where individuals attribute their successes or failures to external factors beyond their control.

Real Self

The authentic part of an individual's personality that reflects their genuine thoughts, feelings, and behaviors.