The Elasticity of Demand for a Product Is Likely to Be

question 294

Multiple Choice

The elasticity of demand for a product is likely to be greater,

• A)if the product is a necessity, rather than a luxury good.
• B)the greater the amount of time over which buyers adjust to a price change.
• C)the smaller the proportion of one's income spent on the product.
• D)the smaller the number of substitute products available.

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Definitions:

Phenotype

The collection of traits that can be seen in a person, which emerge from how their genetic makeup interacts with their surroundings.

Pleiotropy

The phenomenon where a single gene influences multiple phenotypic traits in an organism, demonstrating the complex nature of gene expression.

Defective Enzyme

An enzyme with an abnormal structure that prevents it from performing its biological function correctly.

Allele

A version among two or more possibilities of a gene that emerges through mutation and occupies the same position on a chromosome.