Demand Will Be More Inelastic When

question 156

Multiple Choice

Demand will be more inelastic when

• A) the time the consumer has to adjust to price changes is short.
• B) the price of the good is high.
• C) the number of good substitutes is large.
• D) the consumption of the good is not very essential.

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Definitions:

Electrophilic Aromatic Substitution

A reaction where an electrophile replaces a hydrogen atom in an aromatic ring, a common mechanism in aromatic chemistry.

Sigma Complex

An intermediate in certain chemical reactions characterized by a fully saturated carbon atom bonded to a metal center.

Generic Electrophile

A broadly defined electron-deficient species capable of forming new bonds by accepting a pair of electrons from a nucleophile.

Electrophilic Iodination

A chemical reaction involving the addition of iodine to a substrate via an electrophilic attack.