Demand for a Good Will Tend to Be More Price

question 22

Multiple Choice

Demand for a good will tend to be more price elastic if it exhibits which of the following characteristics?

• A)It accounts for a small part of the consumer's total income.
• B)The good has many available substitutes.
• C)It is a non-durable (as opposed to a durable good).
• D)There is little time for the consumer to adjust to the price change.

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Definitions:

World Hunger

A global condition characterized by chronic undernourishment and inadequate food consumption by a significant portion of the world's population, leading to health issues and increased mortality rates.

Self-Interest

The consideration of one's own advantage or well-being as the prime motive behind actions or decisions.

Ethical Egoism

A moral philosophy suggesting that individuals should act in ways that promote their own best interest.

Self-Interest

The pursuit of one's own personal benefits, desires, or advantages, often regarded as a fundamental aspect of human behavior.