When Would Demand for a Good Tend to Be More

question 122

Multiple Choice

When would demand for a good tend to be more inelastic

• A)when there are fewer available substitutes
• B)when the time period considered is longer
• C)when the good is considered more of a luxury good
• D)when the market is more narrowly defined

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Definitions:

Acquired Adaptation

The process of developing new characteristics or abilities in response to changes in the environment after birth, not through genetic inheritance.

Mental Representation

The internal depiction of information in the mind, such as images, words, or concepts.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or otherwise sensed, a concept that develops in infancy.

Conservation

In cognitive development, the understanding that certain properties of objects remain the same, despite changes in the object's appearance.