If It Is Difficult to Substitute for a Good in the Short

question 64

Multiple Choice

If it is difficult to substitute for a good in the short run, but easy in the long run, then

• A)the elasticity of demand is more elastic in the short run.
• B)the elasticity of demand is more elastic in the long run.
• C)the good is an inferior good.
• D)elasticity changes along the demand curve.

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Definitions:

Systematic Desensitization

A behavioral therapy technique used to reduce phobic or anxiety responses through gradual exposure to the feared object or situation, paired with relaxation exercises.

Stimulus Generalization

The tendency for the conditioned response to be evoked by stimuli that are similar to the stimulus that was originally conditioned.

Operant Conditioning

A method of learning that employs rewards and punishments for behavior, which leads to changes in behavior.

Extrinsic Rewards

Benefits and incentives provided by external factors, such as money, grades, or praise, which motivate behavior not inherently enjoyable.