The Demand for a Good Is More Price Inelastic If

question 177

Multiple Choice

The demand for a good is more price inelastic if

• A) its price is higher.
• B) the percentage of income spent on it is larger.
• C) it is a luxury good.
• D) it has no close substitutes.

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Definitions:

Ethnic Settings

Social environments marked by a specific cultural or racial identity.

Social Advantages

Benefits or privileges that a person or group has due to their status, identity, or position in society.

Divided Opportunity

refers to the unequal distribution of chances and resources that affect individuals' ability to succeed, often based on race, class, or gender.

Racial Wealth Gap

The unequal distribution of assets, wealth, and opportunities between racial and ethnic groups, often a result of historical and systemic inequality.