Since the Year 2000 Under the Clinton Administration,the General National

question 2

Multiple Choice

Since the year 2000 under the Clinton administration,the general national forest policy has been to

• A)construct as many new roads in national forests as are needed to support logging and fire suppression.
• B)ban the construction of new roads in national forests.
• C)convert wild national forests into commercial operations that replant clear-cut regions with the most commercially valuable tree species.
• D)convert national forests that have never been logged into commercially valuable logged and replanted regions.

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Definitions:

Less Elastic

Describes a demand that is relatively unresponsive to changes in price, indicating that consumers' buying habits do not significantly alter with price fluctuations.

More Elastic

Describes demand that is highly sensitive to changes in price, where consumers significantly alter their quantity demanded with slight price variations.

Price-Discriminating Firm

A company that engages in the practice of charging different prices for the same product in different markets or segments.

Elastic Demand

Refers to a situation where the quantity demanded of a good or service significantly changes in response to a change in price.