When a Good Is More Broadly Defined

question 68

Multiple Choice

When a good is more broadly defined,

• A) the more substitutes it has so the more elastic is its demand.
• B) the fewer substitutes it has so the more elastic is its demand.
• C) the more substitutes it has so the less elastic is its demand.
• D) the fewer substitutes it has so the less elastic is its demand.

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Definitions:

Stratification

The structuring of inequalities within a society, often based on class, race, gender, or other socio-economic indicators, that places individuals and groups into different tiers of advantage or disadvantage.

Social Mobility

The ability for individuals or groups to move within a social hierarchy, which can be upward or downward, and is influenced by factors like education, income, and social connections.

2008 Recession

A severe global economic downturn that began in 2008, triggered by the collapse of the U.S. housing market and resulting in significant financial crisis, unemployment, and loss of wealth worldwide.

Upward Mobility

The ability for an individual or group to improve their social status, often measured by changes in income, occupation, or education.