A Good Will Tend to Be More Price Elastic If

question 116

Multiple Choice

A good will tend to be more price elastic if it

• A)is a luxury good.
• B)has no close substitutes.
• C)is a small part of the household budget.
• D)is a necessity.

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Definitions:

Cones

In the eye, cone-shaped receptors of light that transmit sensations of color.

Zone Of Proximal Development

A concept developed by psychologist Lev Vygotsky, referring to the difference between what a learner can do without help and what they can achieve with guidance and encouragement from a skilled partner.

Pretend Play

A form of play in which children use their imagination to recreate and act out roles, scenarios, and activities.

Mental Acts

The operations of the mind involving thinking, reasoning, perceiving, or judging.