The Main Determinant of the Price Elasticity of Supply Is

question 68

Multiple Choice

The main determinant of the price elasticity of supply is:

• A)time
• B)the definition of the market
• C)the number of close substitutes
• D)luxuries versus necessities

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Definitions:

Cannon-Bard Theory

The Cannon-Bard theory is a psychological model proposing that emotional feelings and physiological reactions to stimuli occur simultaneously and independently.

Arousal Theory

Arousal theory suggests that there is an optimal level of arousal necessary for the best performance of any task; too little or too much arousal can decrease performance efficiency.

Body Response

Physical reactions or changes in the body as a response to stimuli or conditions.

Brain Circuit

A set of neurons and their connections that work together to carry out a specific function or process in the brain.