The Longer the Time Period Under Study

question 97

Multiple Choice

The longer the time period under study,

• A) the more elastic is the price elasticity of demand.
• B) the less sensitive consumers will be to price changes.
• C) the more likely any given price cut will result in a smaller reaction by the consumer.
• D) the more inelastic is the price elasticity of demand.

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Definitions:

Carbon Atom

A chemical element with symbol C and atomic number 6, fundamental to all known life, able to form stable bonds with many elements including itself.

Organic Molecules

Chemical compounds composed primarily of carbon atoms in rings or long chains, to which are attached other atoms such as hydrogen, oxygen, and nitrogen.

Carbon

A chemical element with symbol C, essential to all life, serving as the basic building block for all organic molecules.

Hydrogen

The lightest and most abundant chemical element in the universe, consisting of just one proton and often one electron.