Which of the Following Statements Is FALSE

question 460

Multiple Choice

Which of the following statements is FALSE?

• A) Goods or services that have few close substitutes generally have a less elastic demand.
• B) Goods or services for which a greater proportion of income is spent on the item generally have a more elastic demand.
• C) A narrowly defined good or service generally has a less elastic demand.
• D) The longer the time that has elapsed since a price change, the more elastic the demand.

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Definitions:

Purchase Momentum

The psychological phenomenon where an initial purchase increases the likelihood of further purchases.

Extended Problem Solving

Extended problem solving occurs in consumer behavior when individuals engage in a careful and deliberate choice process, often for significant, complex, or high-investment purchases.

Habitual Decision Making

Decision making characterized by little to no conscious thought, typically due to familiarity or routine.

Behavioural Influence Perspective

A viewpoint in psychology that focuses on understanding how external factors, such as environment or social interactions, shape behaviors.