Other Things Constant, the Price Elasticity of Demand for a Product

question 120

Multiple Choice

Other things constant, the price elasticity of demand for a product will be smaller (more inelastic) if:

• A) people spend a large share of their income on the product.
• B) people spend an insignificant share of their income on the product.
• C) the population in the market area is large.
• D) there are many good substitutes for the product.

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Definitions:

Carbohydrates

Organic compounds, including sugars, starch, and cellulose, that are major sources of energy in animal and plant diets.

Free Radicals

Free radicals are molecules or atoms that contain an unpaired electron, making them highly reactive and capable of damaging cells, proteins, and DNA by oxidation.

Cellular Damage

Harm or injury to cells resulting from exposure to toxic chemicals, lack of nutrients, infection, or physical injury.

Light-Dependent Reactions

First stage of photosynthesis; convert light energy to chemical energy. A noncyclic pathway produces ATP, oxygen, and NADPH; a cyclic pathway produces ATP only.