When Is Price Elasticity of Demand Said to Be Greater

question 29

Multiple Choice

When is price elasticity of demand said to be greater?

• A) when there are fewer available substitutes
• B) the longer the period of time consumers have to adjust to price changes
• C) the shorter the period of time consumers have to adjust to price changes
• D) when the elasticity of supply is greater

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Definitions:

Plaintiff

The party who initiates a lawsuit in a civil court, alleging harm or a wrong done by the defendant.

Costs

The monetary value associated with the production, acquisition, and maintenance of goods or services.

Product Liability

A legal concept that holds manufacturers, wholesalers, distributors, and retailers accountable for any injuries products cause.

Inspect and Test

The process of examining and evaluating a product or system to ensure it meets specific standards or criteria.