Which of the Following Would Result in a Higher Absolute

question 97

Multiple Choice

Which of the following would result in a higher absolute value of the price elasticity of demand for a product?

• A)A wide variety of substitutes are available for the good.
• B)The time period under consideration is short.
• C)The good is a necessity.
• D)The expenditure on the good is small relative to one's budget.

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Definitions:

Seasonal Effects

Variations or changes in biological, environmental, or social systems that are due to seasonal variations in the Earth's position relative to the sun.

Tilt

The inclination of an object, layer, or surface, often measured in degrees from the horizontal plane.

Glaciers

Large masses of ice that form on land from the accumulation and compaction of snow, moving slowly over time.

Seasonal Effects

The variations in natural or social phenomena that occur at specific times of the year due to Earth's changing position relative to the sun.