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:

Sex Configuration

The combination of biological, physiological, and social factors that determine the sex roles and gender identities within a society.

Low-Impact Commercial Trade

Trading activities that are designed to have a minimal negative impact on the environment and local communities.

Indigenous Communities

Groups of people native to a region, possessing unique cultural traditions, languages, and connections to ancestral lands.

Natural Habitat

The original environment in which a plant or animal species lives and evolves.