The Demand for a Product Is Likely to Be More

question 99

Multiple Choice

The demand for a product is likely to be more elastic when

• A) the share of the total budget spent on the product is small.
• B) more complementary products are available.
• C) the consumer has a short time to adjust to price changes.
• D) more good substitutes for the product are available.

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Definitions:

Cognitive Learning Theory

A theory of psychology that emphasizes the importance of internal processes and knowledge acquisition, suggesting that learning is an active mental process of acquiring, remembering, and using knowledge.

Insight

The capacity to gain an accurate and deep understanding of a person or situation.

Operant Learning

A method of learning that occurs through rewards and punishments for behavior, also known as operant conditioning.

Insight

The ability to understand the inner nature of things or a situation in a clear and deep way, often leading to problem-solving.