If the Supply of a Good Is Relatively Elastic,changing the Price

question 39

Multiple Choice

If the supply of a good is relatively elastic,changing the price causes

• A) a relatively large change in the amount that consumers want to buy.
• B) a relatively large change in the amount that sellers want to sell.
• C) a relatively small change in the amount that sellers want to sell.
• D) a relatively small change in the amount that buyers want to buy.

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Definitions:

Subtle Discrimination

Discriminatory practices that are not overt or obvious, often embedded within social norms or institutional policies.

Early Retirement Packages

Financial incentives offered by employers to encourage employees to retire before the traditional retirement age.

Prejudice

Preconceived opinions or judgments about individuals or groups based on stereotypes rather than facts.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often resulting in prejudice and discrimination against other cultures.