Which of the Following Will Reduce the Price Elasticity of a Good

question 21

Multiple Choice

Which of the following will reduce the price elasticity of a good or service?

• A) The item is a luxury rather than a necessity
• B) The item comprises a small percentage of a purchaser's budget
• C) Changes to behavior can be completed in a short period of time
• D) The item has many close substitutes

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Definitions:

Academic Self-concept

An individual's perceptions, beliefs, and feelings about their academic abilities and potential, influencing motivation and performance in educational settings.

Motivation

The process that initiates, guides, and maintains goal-oriented behaviors, driven by the desire to fulfill a need or achieve a goal.

Academic Performance

The extent to which a student, teacher, or institution has achieved their short or long-term educational goals, often assessed through grades or standardized tests.

Academic Self-comparison

The process by which students evaluate their own academic abilities or achievements in relation to their peers.