The Shakers​

question 87

Multiple Choice

The Shakers​

• A)were not a utopian community.
• B)were founded in the early nineteenth century.
• C)believed in the separation of the sexes.
• D)believed that God was male.
• E)encouraged sexual relations between married men and women.

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Definitions:

Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in price.

Elasticity

A measure of the responsiveness of demand or supply to changes in price, income, or other economic factors.

Resource Demand

The total amount of resources (such as labor, capital, and materials) that producers require to produce goods and services at various price levels.

Elastic Demand

Product or resource demand whose price elasticity of demand is greater than 1, so that any given percentage change in price leads to a larger percentage change in quantity demanded. As a result, quantity demanded is relatively sensitive to (elastic with respect to) price.