The Demand for a Product Is Likely to Be More

question 58

Multiple Choice

The demand for a product is likely to be more elastic:

• A) the smaller the share of the total budget spent on the product.
• B) when more complementary products are available.
• C) in the short run than in the long run.
• D) when more good substitutes for the product are available.

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Definitions:

Required

Something that is obligatory or necessary based on laws, regulations, or social norms.

Professionalization

The process of developing or elevating an occupation to a higher status by establishing professional standards, education requirements, and a code of ethics.

Social Exclusion

The process through which individuals or groups are systematically blocked from rights, opportunities, and resources that are normally available to members of society.

Occupation Demand

refers to the need or requirement for specific types of jobs in the market, influenced by economic, technological, and social factors.