Demand Is Almost Always More Price Elastic in the Long

question 130

Multiple Choice

Demand is almost always more price elastic in the long run because

• A) people's preferences change.
• B) newer versions of a good or service replace older ones.
• C) production of the good or service stops.
• D) more options become available and people can make different choices.
• E) government regulations increase.

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Definitions:

Anxiety Disorders

A group of mental health disorders characterized by significant and persistent fear or worry that interferes with normal functioning.

Pharmacological Treatments

Medical treatments that utilize drugs to alleviate symptoms, treat, or cure diseases.

Cognitive-Behavioural Therapy

A psychotherapeutic treatment that helps patients understand the thoughts and feelings that influence behaviors by combining cognitive and behavioral therapy techniques.

Delirium

An acute neuropsychiatric condition characterized by confusion, disturbed consciousness, and altered cognition, often with a fluctuating course.