A Product Would Be More Demand Price Inelastic

question 161

Multiple Choice

A product would be more demand price inelastic:

• A) the shorter the time the consumer has to adjust to price changes.
• B) the higher the price of the good.
• C) the more the number of good substitutes.
• D) the less the essential nature of the good.
• E) if the supply is more price elastic.

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Definitions:

Video Game Addiction

Compulsive or uncontrolled use of video games, which interferes with a person's daily life.

Leisure Time Activities

Activities undertaken for enjoyment and relaxation in one's free time, outside of work commitments.

Social Events

Gatherings organized for particular purposes, often involving entertainment, celebration, or communal activities.

Harmful Addiction

A detrimental dependence on a substance or activity that negatively impacts one's physical and mental health, relationships, and life.