The Demand for a Good Is More Elastic If the

question 56

Multiple Choice

The demand for a good is more elastic if the

• A) good is a necessity.
• B) good has few substitutes.
• C) good is narrowly defined.
• D) supply of the good is plentiful.
• E) Both answers B and C are correct.

---

Definitions:

Inductive Reasoning

A method of reasoning in which specific observations or data are analyzed to form a general conclusion or principle.

Formal Operational

The stage of cognitive development, as per Jean Piaget's theory, starting from about age 12 during which people begin to think logically about abstract concepts.

Cognitive Development

The study of how thinking, problem solving, and intelligence change and mature throughout life, especially during childhood.

Inductive Reasoning

A logical process in which multiple premises, all believed true or found true most of the time, are combined to obtain a specific conclusion.