The Longer the Period of Time Consumers Have to Adjust

question 202

Multiple Choice

The longer the period of time consumers have to adjust to price changes, the __________ the __________ elasticity of demand.

• A)lower, price
• B)lower, income
• C)higher, price
• D)higher, income

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Definitions:

Tid

An abbreviation for "ter in die," which is Latin for "three times a day"; commonly used in medical prescriptions to indicate dosing frequency.

Prn

An abbreviation for the Latin phrase "pro re nata," meaning "as the situation demands," often used in medical prescriptions to indicate taking medicine as required.

Intranasal

Administration or action occurring within the nasal passages, often referencing medication delivery.

Subcutaneous

Located or applied under the skin's surface, often referring to tissues, injections, or implants.