When Consumers Are Given More Time to Adjust to Higher

question 267

Multiple Choice

When consumers are given more time to adjust to higher prices

• A) demand becomes less elastic.
• B) consumers have fewer choices from which to select.
• C) consumers have more choices from which to select.
• D) consumers can earn more income to spend on goods.

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Definitions:

Binding

In legal terms, describing an agreement or contract that is legally enforceable by law.

Theory Z

A management philosophy that stresses employee participation in all aspects of company decision making.