If the Consumer Has a Great Deal of Time to Adjust

question 68

Multiple Choice

If the consumer has a great deal of time to adjust to an increase in the price of gasoline,which of the following is correct?

• A)Quantity demanded will be relatively sensitive to the change in price.
• B)The percentage change in quantity demanded will be quite small relative to the percentage change in price.
• C)The percentage change in price will be quite large relative to the percentage change in quantity demanded.
• D)Demand will tend to be unitary elastic as it is for most goods in the long run.

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Definitions:

Middle Class

The middle class is a social and economic grouping that falls between the working class and the upper class, typically associated with moderate to high income, educational attainment, and occupational prestige.

Stressful Home Lives

Situations in which individuals experience continual stress and conflict within their domestic environments.

Battered Wives

Women who experience physical, emotional, or sexual abuse from their partners or spouses.

Family Violence

Acts of violence or abuse among members of a family or household, including physical, emotional, and sexual abuse.