If Consumer Purchases of a Good Are Not Very Sensitive

question 194

Multiple Choice

If consumer purchases of a good are not very sensitive to the price of the good, economists say the demand for the good is relatively

• A) inelastic.
• B) elastic.
• C) robust.
• D) inverse.

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Definitions:

Long-Term Memory

A type of storage in the brain capable of holding information for extended periods, sometimes indefinitely.

Birth Date

The specific day on which a person was born, usually including day, month, and year.

Working Memory

The structure of memory that can hold a sensory stimulus for up to 30 seconds after the trace decays. Also called short-term memory.

Assimilation

The process of absorbing new information into one's existing cognitive schemas, or the integration of individuals into a different cultural or societal group.