When a Good Is More Broadly Defined

question 68

Multiple Choice

When a good is more broadly defined,

• A) the more substitutes it has so the more elastic is its demand.
• B) the fewer substitutes it has so the more elastic is its demand.
• C) the more substitutes it has so the less elastic is its demand.
• D) the fewer substitutes it has so the less elastic is its demand.

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Definitions:

Descriptive Label

is a description or label that provides information about the characteristics or contents of something without implying a judgement.

Signs and Symptoms

Indicators that something is not normal within the body, with signs being observable to others and symptoms being experienced by the individual.

Irrational Fear

Describes an excessive or unreasonable sense of fear or dread regarding something that poses little to no actual danger.

Phobia

An extreme or irrational fear of or aversion to something.