Which of the Following Statements About the Price Elasticity of Demand

question 207

Multiple Choice

Which of the following statements about the price elasticity of demand is correct?

• A)The elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good.
• B)The absolute value of the elasticity of demand ranges from zero to one.
• C)Demand is more elastic in the long run than it is in the short run.
• D)Demand is more elastic the smaller the percentage of the consumer's budget the item takes up.

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Definitions:

Sociologists

Experts in the social sciences who study the structure, development, and functioning of human society, and the dynamics of social relationships and behaviors.

Conflict Theory

A view in sociology that sees social existence as a contest, concentrating on how resources, authority, and disparities are spread.

Karl Marx

A 19th-century philosopher, economist, and sociologist whose works on the theory of capitalism and class struggle laid the foundation for Marxist theory.

Class Consciousness

Refers to being aware of membership in a class.