If the Price of Steel Increases Drastically, the Quantity of Steel

question 6

Multiple Choice

If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because

• A)buyers of steel are more sensitive to a price change if they have more time to adjust to the price change.
• B)buyers of steel are less sensitive to a price change if they have more time to adjust to the price change.
• C)sales revenue in the building industry will fall sharply.
• D)profits will fall by a greater amount in the long run than in the short run.

---

Definitions:

Observational Research

Research methods involving the systematic and objective observation of naturally occurring behavior or events.

Spank

A form of physical punishment involving striking the buttocks.

Aggressive Behavior

Actions intended to cause harm or damage to another person or object.