For Which of the Following Types of Goods Would Demand

question 71

Multiple Choice

For which of the following types of goods would demand be most price-elastic?

• A)necessities
• B)goods with many substitutes
• C)goods that require only a small portion of the buyer's budget
• D)goods with vertical demand curves
• E)goods with vertical supply curves

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Definitions:

Social Convention

Established rules, practices, or agreements that are widely accepted and followed within a society or group.

Moral Imperative

A principle or obligation that compels individuals to act ethically and morally.

Pajamas

A set of clothes, usually consisting of loose-fitting pants and a top, worn for sleeping or lounging.

Effortful Control

The ability to regulate one's emotions and actions through effort rather than instinct.