Demand Will Be More Inelastic When

question 156

Multiple Choice

Demand will be more inelastic when

• A) the time the consumer has to adjust to price changes is short.
• B) the price of the good is high.
• C) the number of good substitutes is large.
• D) the consumption of the good is not very essential.

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Definitions:

Series E Bonds

Government bonds issued at a discount and meant for investors as a savings product, no longer available for purchase.

Maturity Date

The specified date on which the final payment of a loan or financial instrument is due to be paid in full.

Cash Method

An accounting method where revenues and expenses are recognized at the time cash is received or paid out.

Record Income

The total income reported by an individual or entity for a specific period, usually for tax purposes.