If a Good Is a Luxury,what Would Demand for the Good

question 128

Multiple Choice

If a good is a luxury,what would demand for the good tend to be

• A)inelastic
• B)elastic
• C)unit elastic
• D)perfectly elastic

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Definitions:

Cognitive Dissonance

A psychological discomfort experienced when holding two or more conflicting cognitions, beliefs, or values simultaneously.

Assimilation

The cognitive process of fitting new information into existing cognitive schemas, perceptions, and understanding.

Educational Settings

Environments or contexts where formal learning takes place, such as schools, colleges, and universities.

Repress

The psychological act of burying distressing thoughts, memories, or desires in the subconscious, to the point of becoming unaware of them.