Price Elasticity of Demand Is Generally

question 169

Multiple Choice

Price elasticity of demand is generally

• A)greater in the long run than in the short run.
• B)greater in the short run than in the long run.
• C)the same in both the short run and the long run.
• D)greater for "necessities" than it is for "luxuries."

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Definitions:

Inventory Item

A specific product or good that a company holds for the purpose of selling to customers.

Business Activities

Operations, tasks, and functions carried out by a company in the pursuit of its economic objectives.

Receive Payments

The action of collecting money that is owed to a business by its customers.

Vendors Section

The Vendors Section is typically an area within accounting or business management software where information about suppliers and transactions with them is recorded and managed.