If Consumer Purchases of a Good Are Highly Sensitive to the Price

question 202

Multiple Choice

If consumer purchases of a good are highly sensitive to the price of the good, this is illustrated by a

• A) demand curve that is relatively flat (more horizontal).
• B) demand curve that is relatively steep (more vertical).
• C) supply curve that is relatively flat (more horizontal).
• D) supply curve that is relatively steep (more vertical).

---

Definitions:

Self-concept

An individual's awareness of their own attributes, abilities, attitudes, and values; essentially how one perceives oneself.

Feedback

The information given to a person or system about their performance or behavior, which can be used to make adjustments and improvements.

Self-actualization

The process of realizing and fulfilling one's talents and potentialities, considered as the drive for personal development.

Self-determinism

The philosophy or belief that individuals have the power to control their own destiny and make choices independent of external control.